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| Title | Determining the optimal warranty price based on the producer`s and customers` risk preferences |
| Creator | Tang, Kwei;Chun, Young Hak 唐揆 |
| Contributor | 企管系 |
| Key Words | Warranty analysis; Risk aversion; Stochastic processes |
| Date | 1995 |
| Date Issued | 10-Mar-2015 16:50:59 (UTC+8) |
| Summary | 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 |
| Type | article |
| DOI | http://dx.doi.org/10.1016/0377-2217(93)E0163-R |
| dc.contributor | 企管系 | |
| dc.creator (作者) | Tang, Kwei;Chun, Young Hak | |
| dc.creator (作者) | 唐揆 | zh_TW |
| dc.date (日期) | 1995 | |
| dc.date.accessioned | 10-Mar-2015 16:50:59 (UTC+8) | - |
| dc.date.available | 10-Mar-2015 16:50:59 (UTC+8) | - |
| dc.date.issued (上傳時間) | 10-Mar-2015 16:50:59 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/73750 | - |
| dc.description.abstract (摘要) | 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. | |
| dc.format.extent | 847500 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.relation (關聯) | European Journal of Operational Research, 85(1), 97-110 | |
| dc.subject (關鍵詞) | Warranty analysis; Risk aversion; Stochastic processes | |
| dc.title (題名) | Determining the optimal warranty price based on the producer`s and customers` risk preferences | |
| dc.type (資料類型) | article | en |
| dc.identifier.doi (DOI) | 10.1016/0377-2217(93)E0163-R | en_US |
| dc.doi.uri (DOI) | http://dx.doi.org/10.1016/0377-2217(93)E0163-R | en_US |