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In a Economics of Network and Service Industries class, I heard about "No regrets" policy.
It is an environmental policy in EU, if I well understood.
I am not able to find any precise information about it. Can someone point me in the right direction?
Graham Loomes and Robert Sugden introduced Regret (decision) theory in the theoretical economics field in 1982.
The no regrets policy is an approach to management that involves erring on the side of caution and planning well in advance. In other words acting now to avoid potential regrets in the future.
It appears that the term has been mainly used in the environmental/climate change context in the EU. It is also referred to in terms of Covid-19 in developing countries by the World Bank / Centre for Global Development
The Circles of Climate site says
Climate change is complex, its exact patterns and impacts are uncertain.
No Regrets strategies are based on concepts and measures that can begin to be enacted now without being certain about all dimensions of future climate change. Measures are taken and strategies are thus adopted in a precautionary sense with the aim of responding to possible negative impacts before they intensify. Such measures are advisable for future generations, but also relevant to enhancing the living conditions of people in the present.
No Regrets strategies crosses the boundary between adaptation and mitigation. With No Regrets strategies, the benefits of adaptation and mitigation measures therefore continue even if the effects of climate change are not as horrific as currently anticipated.
The no regrets charter (Principles for Climate Change Adaptation in Cities) can be downloaded from the above link too.
