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An incisive study of decisions in equity (ex aequo et bono) in international commercial arbitration through a 4-pronged approach: review of (i) academic work on the topic; (ii) 104 national laws, dozens of international treaties and arbitration rules; (iii) all arbitral awards available; and (iv) field research with reputable international practitioners (mostly arbitrators), to uncover what the current conception of arbitration ex aequo bono is on an international level, and foster understanding of its limits, effect, and forms.