PRO-RATA WARRANTY PRICING MODEL WITH RISK-AVERSE MANUFACTURERS

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NASROLLAHI MAHDI

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Journal: JOURNAL OF INDUSTRIAL MANAGEMENT STUDIES Year:2017 | Volume:15 | Issue:45 Page(s): 75-96

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Information Journal Paper

Title

PRO-RATA WARRANTY PRICING MODEL WITH RISK-AVERSE MANUFACTURERS

Author(s)

NASROLLAHI MAHDI | Issue Writer Certificate

Keywords

PRO RATA WARRANTYQ1

RISK PREFERENCESQ1

WARRANTY PRICEQ1

PRODUCT FAILURE RATEQ1

AND INFLATIONQ2

Abstract

Due to fierce competition and customer demand, manufacturers have started selling products with different warranty policies and pro-rata warranty is one of the most widely used warranty policy. In this paper we propose a warranty model for pro-rata, fixed period warranty policy with risk averse manufacturer that determines optimal WARRANTY PRICE under inflationary condition.This model has been proposed for products with time dependent failure intensity with Non homogeneous Poisson’s process for failure intensity function, and concave utility function. Using the exponential utility function, the decision model is developed to maximize the manufacturer’s certainty profit equivalent. Risk preference model is developed to find the optimal WARRANTY PRICE through the use of the manufacturer’s utility function for profit. Finally, the sensitivity of the WARRANTY PRICE models is analyzed using numerical examples with respect to such factors as (1) the manufacturer's RISK PREFERENCES, (2) PRODUCT FAILURE RATE parameters, (3) warranty period length, and (4) inflation and discount rate.

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APA: Copy

NASROLLAHI, MAHDI. (2017). PRO-RATA WARRANTY PRICING MODEL WITH RISK-AVERSE MANUFACTURERS. JOURNAL OF INDUSTRIAL MANAGEMENT STUDIES, 15(45 ), 75-96. SID. https://sid.ir/paper/213274/en

Vancouver: Copy

NASROLLAHI MAHDI. PRO-RATA WARRANTY PRICING MODEL WITH RISK-AVERSE MANUFACTURERS. JOURNAL OF INDUSTRIAL MANAGEMENT STUDIES[Internet]. 2017;15(45 ):75-96. Available from: https://sid.ir/paper/213274/en

IEEE: Copy

MAHDI NASROLLAHI, “PRO-RATA WARRANTY PRICING MODEL WITH RISK-AVERSE MANUFACTURERS,” JOURNAL OF INDUSTRIAL MANAGEMENT STUDIES, vol. 15, no. 45 , pp. 75–96, 2017, [Online]. Available: https://sid.ir/paper/213274/en

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