Non-Compensable Investment and the Limits of Ex Post Contractual Remedies A Contract-Theoretic Rationale for Ex Ante Process Protection Naoki Kitamura Independent Researcher * Publication date: January 2026 * Format: Working Paper / Preprint * Availability: SSRN Abstract This paper develops a contract-theoretic framework for identifying non-compensable investment as a distinct analytical category. Non-compensable investment

Irreversible Creative Capital and Endogenous Rational Non-intervention When Economic Rationality Requires Non-intervention Naoki Kitamura Independent Researcher * Publication date: January 2026 * Format: Working Paper / Preprint * Availability: SSRN Abstract This paper develops a theoretical analysis of conditions under which evaluative, directive, and steering forms of intervention may fail to operate rationally when