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Modelling optimal warranty price for lifetime policies taking into account the uncertainties in life measures

机译:考虑寿险措施的不确定性,为终身保单建模最佳保修价格

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Owing to the assurance of longer reliable service life and greater customer peace of mind, products with a lifetime warranty are becoming more and more popular. Under such policies, both the manufacturer and the buyer are exposed to uncertainties and risks of warranty pricing and product performance since product lifetimes are uncertain and are not well defined in these policies. Considering the uncertainties in the measure of lifetime (useful life), this paper extends previous work of the authors [Rahman, A., & Chattopadhay, G. N. (2010). Modelling risks to manufacturer and buyer for lifetime warranty policies. International Journal of Management Science and Engineering Management, 5, 203-209] to determine the optimal warranty price. Risk preference models are developed to find the optimal warranty price through the use of the manufacturer's utility function for profit and the buyer's utility function for repair costs. The sensitivity of the risk preferences models are analysed using numerical examples with respect to factors such as the buyer's and the manufacturer/dealer's risk preferences, the buyer's anticipated and the manufacturer's estimated product failure intensity, the buyer's loyalty to the original manufacturer/dealer in repairing failed products, and the buyer's repair costs for non-warrantied products. Analysis of the developed models reveals that the manufacturer's decisions on warranty price are strictly related to useful life, failure intensity of the product, and risk preferences. On the other hand, the buyer's acceptance of a lifetime warranty depends on the expected lifetime of the product, the buyer's anticipated product failure intensity, anticipated repair costs, and most importantly the buyer's risk preference.
机译:由于保证了更长的可靠使用寿命和更高的客户安心性,具有终生保修的产品变得越来越受欢迎。在这种政策下,制造商和买方都面临不确定性以及保修价格和产品性能的风险,因为产品的使用寿命不确定,并且在这些政策中没有明确定义。考虑到生命周期(有用生命)的不确定性,本文扩展了作者先前的工作[Rahman,A.,&Chattopadhay,G. N.(2010)。对制造商和购买者的终身保修政策建模风险。 [International Journal of Management Science and Engineering Management,5,203-209]确定最佳保修价格。开发了风险偏好模型,以通过使用制造商的效用函数以获取利润和买方的效用函数来获取维修成本来找到最佳保修价格。风险偏好模型的敏感性使用数值示例针对诸如购买者和制造商/经销商的风险偏好,购买者的预期和制造商的产品故障强度,购买者对原始制造商/经销商的忠诚度等因素进行了数值分析不合格的产品,以及买方对非保修产品的维修费用。对开发模型的分析表明,制造商对保修价格的决定与使用寿命,产品的故障强度和风险偏好密切相关。另一方面,买方对终生保修的接受程度取决于产品的预期寿命,买方预期的产品故障强度,预期的维修成本以及最重要的是买方的风险偏好。

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