Table 2 Multi-factor option model parameters.
Parameter | Description | Value | Unit |
|---|---|---|---|
\(\:m\) | The number of hydrogen-powered ARMGs completed at time \(\:{T}_{0}\) | 6 | Unit |
\(\:N\) | Total number of yard bridges at the terminal | 76 | Unit |
\(\:a\) | Investment cost for the first hydrogen-powered ARMG | 2.4 | Million CNY |
\(\:\text{Q}\) | Number of standard containers to be handled per yard crane per year | 40,000 | TEU |
\(\:{V}_{coe}\) | Hydrogen consumption for handling one standard container with a hydrogen-powered ARMG | 0.2 | kg/TEU |
\(\:{c}_{rom}\) | Annual maintenance cost for each hydrogen-powered ARMG | 10,000 | CNY/unit |
\(\:{r}_{coe}\) | Electricity cost for handling one standard container with a traditional yard crane | 6 | CNY/TEU |
\(\:{r}_{rom}\) | Annual maintenance cost for each traditional yard crane | 64,000 | CNY/Unit |
\(\:{V}_{cer}\) | Carbon emission reduction per standard container handled by hydrogen-powered ARMG | 2.1 | kg/TEU |
\(\:\text{T}\) | Project duration | 15 | Year |
\(\:r\) | Discount rate | 0.12 | — |
\(\:{P}_{{h}_{2026}}^{initial}\) | Initial hydrogen price | 30 | CNY/kg |
\(\:{\mu\:}_{h}\) | Drift rate of hydrogen price | −0.07 | — |
\(\:{\sigma\:}_{h}\) | Fluctuation rate of hydrogen price | 0.07 | — |
\({P_{c0}}\) | Initial carbon price | 48 | CNY/ton |
\({\mu _c}\) | Drift rate of carbon price | 0.075 | — |
\({\sigma _c}\) | Fluctuation rate of carbon price | 0.07 | — |
b | Proportion of equipment cost reduction as technology matures | 0.1 | — |
