What Can Politics Learn from Management Decisions? A Case Study of Germany’s Exit from Nuclear Energy after Fukushima

The devastating nuclear disaster in Fukushima, Japan, in 2011, which was triggered by a tsunami in the wake of an earthquake, resulted in the decision to quickly phase out nuclear power and with it implicitly accelerated the German Energiewende (energy transition). To the outside observer, the decision appeared to be spontaneous and possibly due to a distorted perception of the associated risks of nuclear power. From the decision results not only the limiting uses of private property by conventional energy providers, but the exit from nuclear energy has also implications for the energy market. As with every human, political actors decide under uncertainty and incomplete information. Based on these parameters, we emphasize that the decision of a political actor is comparable to management decision-making. The paper takes this as an opportunity to examine the political decision to phase-out nuclear energy by discussing relevant parameters from the perspective of decision theory. We plead for a mandatory consideration of economic findings, especially from decision theory and risk management in political decision-making processes, especially in matters that affect future generations.