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政大典藏 > College of Commerce > Department of Business Administation > Periodical Articles > Item 140.119/73750

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/73750

Title:	Determining the optimal warranty price based on the producer`s and customers` risk preferences
Authors:	Tang, Kwei;Chun, Young Hak 唐揆
Contributors:	企管系
Keywords:	Warranty analysis;Risk aversion;Stochastic processes
Date:	1995
Issue Date:	2015-03-10 16:50:59 (UTC+8)
Abstract:	We propose a warranty model for the free-replacement, fixed-period warranty policy that determines the optimal warranty price for a given warranty period. We assume a constant failure rate for the product, constant repair costs throughout the warranty period, and a producer`s and customers` risk aversion for future repair costs. Using the exponential utility function and the gamma failure rate distribution, we derive the decision model that maximizes the producer`s certainty profit equivalent. Furthermore, the sensitivity of the optimal warranty price is analyzed with a numerical example with respect to such factors as (1) the producer`s and customers` risk preferences, (2) their perceptions about the product failure rate, (3) the customers` loyalty to the original producer in repairing failed products, and (4) the customers` repair price.
Relation:	European Journal of Operational Research, 85(1), 97-110
Data Type:	article
DOI link:	http://dx.doi.org/10.1016/0377-2217(93)E0163-R
DOI:	10.1016/0377-2217(93)E0163-R
Appears in Collections:	[Department of Business Administation] Periodical Articles

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