Marktaustausch – Grundlegung einer juristisch-ökonomischen Theorie desAustauschverkehrs

在过去的五年里，我的主要焦点一直是发展“市场交换”理论（Marktaustausch）。在我即将出版的书中，我将结合比较合同法、经济法律的历史和经济学，分析衍生品市场在过去400年中是如何在法律上和技术上得以构建的。我的研究结果有助于资本市场和合同法领域的两个更大的辩论。首先，我对金融法律的理论正在进行的辩论作出贡献。我提供了一个历史和理论框架来理解交易所的法律的基础，指出了远期和期货的相似性和差异。第二，我的发现为合同法中计算损害赔偿的机制提供了新的视角。通过将合同法与基本的资本市场经济学重新联系起来，我为预期利益的度量提供了一种新的方法。

For the past five years my main focus has been developing a theory of “market exchange” (Marktaustausch). In my forthcoming book, I analyze how derivative markets have been legally and technically constructed in the last 400 years, connecting comparative contract law, economic legal history, and economics. My findings contribute to two larger debates in the fields of capital markets and contract law. First, I contribute to the ongoing debate on the legal theory of finance. I provide a historical and theoretical framework to understand the legal foundations of exchanges by pointing to the similarities and differences of forwards and futures. Second, my findings shed new light on the mechanics of calculating damages in contract law. By reconnecting contract law to basic capital market economics, I provide a new approach to the measurement of expectation interest.