L.V. Utkin
Imprecise inference for warranty contract analysis
Utkin, L.V.; Coolen, F.P.A.; Gurov, S.V.
Abstract
This paper presents an investigation into generalised Bayesian analysis of warranty contracts, using sets of prior distributions within the theory of imprecise probability. Explicit expressions are derived for optimal lower and upper bounds for the expected profit for the manufacturer of a product, corresponding to an imprecise negative binomial model for which two sets of prior distributions are studied. The results can be used to set a maximum value of compensation such that the manufacturer׳s expected profit remains positive, under vague prior knowledge.
Citation
Utkin, L., Coolen, F., & Gurov, S. (2015). Imprecise inference for warranty contract analysis. Reliability Engineering & System Safety, 138, 31-39. https://doi.org/10.1016/j.ress.2015.01.011
Journal Article Type | Article |
---|---|
Publication Date | Jun 1, 2015 |
Deposit Date | Feb 16, 2015 |
Publicly Available Date | Feb 24, 2015 |
Journal | Reliability Engineering and System Safety |
Print ISSN | 0951-8320 |
Publisher | Elsevier |
Peer Reviewed | Peer Reviewed |
Volume | 138 |
Pages | 31-39 |
DOI | https://doi.org/10.1016/j.ress.2015.01.011 |
Keywords | Generalised Bayesian analysis, Imprecise probability, Lower and upper expected profit, Warranties. |
Public URL | https://durham-repository.worktribe.com/output/1414692 |
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Copyright Statement
NOTICE: this is the author’s version of a work that was accepted for publication in Reliability Engineering & System Safety. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Reliability Engineering & System Safety, 138, June 2015, 10.1016/j.ress.2015.01.011.
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