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Cost analysis of warranty policies. (English) Zbl 0552.90033
Expressions, bounds, and approximations for the expected costs to the consumer and the expected profits to the manufacturer or vendor from the sale of products under different warranty policies are derived. Using models and methods from renewal theory and reliability theory, especially so-called free replacement policies and pro rata policies are compared under the assumption that the failure distribution is NBU (new better than used).
Reviewer: W.-R.Heilmann

MSC:
90B25 Reliability, availability, maintenance, inspection in operations research
60K05 Renewal theory
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