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And retrofitting vessels with better technology is expensive.
Until recently, the real options used for investment related to environmental compliance in shipping can be seen in Acciaro et al. (2013) and Acciaro (2014), which proposes a decision support model for ship owners based on the use of an option to defer in order to assess the viability of postponing investment in retrofitting vessels for environmental compliance.
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The goals of the analysis are twofold: (1) comparing the economic performance of UO2 and U ZrH1.6 fuels for a range of retrofitted geometries supported by grid and wire wrap spacers; and (2) investigating the potential economic benefits for nuclear utilities considering retrofitting new fuels and/or geometries into existing PWR pressure vessels.
Retrofitting, it's called.
You can even start retrofitting buildings.
Retrofitting law firm space is expensive.
Information on retrofitting them is scarce.
Millions of buildings must undergo retrofitting work.
There are many others: mooring fields, retrofitting existing piers and wharves with simple tie-up equipment like cleats and bollards, and even allowing natural beaches to be used for human-powered boating will increase options for future visiting mariners on vessels large and small.
"Retrofitting is going to be essential".
"Retrofitting homes is where energy policy has to begin".
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