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Imprecise inference for warranty contract analysis.

Utkin, L.V. and Coolen, F.P.A. and Gurov, S.V. (2015) 'Imprecise inference for warranty contract analysis.', Reliability engineering & system safety., 138 . pp. 31-39.

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.

Item Type:Article
Keywords:Generalised Bayesian analysis, Imprecise probability, Lower and upper expected profit, Warranties.
Full text:(AM) Accepted Manuscript
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Status:Peer-reviewed
Publisher Web site:http://dx.doi.org/10.1016/j.ress.2015.01.011
Publisher 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.
Date accepted:No date available
Date deposited:24 February 2015
Date of first online publication:June 2015
Date first made open access:No date available

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