Approximating expected warranty costs

Approximating expected warranty costs

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Article ID: iaor1988107
Country: United States
Volume: 34
Issue: 12
Start Page Number: 1441
End Page Number: 1449
Publication Date: Dec 1988
Journal: Management Science
Authors: ,
Keywords: stochastic processes
Abstract:

In this paper, the authors survey a portion of the literature in the analysis of warranty costs. In order to compare the price of different warranty policies, they review a framework which leads to expressing the expected costs in terms of complex functions arising in renewal theory. These functions and several approximations are discussed. In particular, a straight line approximation performs well.

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