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Optimal age-replacement policy for nonrepairable products under renewing free-replacement warranty

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3 Author(s)
Yeh, R.H. ; Dept. of Ind. Manage., Nat. Taiwan Univ. of Sci. & Technol., Taipei, Taiwan ; Gaung-Cheng Chen ; Ming-Yuh Chen

This paper investigates the effects of a renewing free-replacement warranty on the age replacement policy for a nonrepairable product. For both warranted, and nonwarranted products, cost models are developed, and the corresponding optimal replacement ages are derived such that the long-run expected cost rate is minimized. Furthermore, we show that the optimal replacement age for a warranted product is closer to the end of the warranty period than for a nonwarranted product. Finally, numerical examples are given to evaluate the impact of a product warranty on the optimal replacement age.

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Reliability, IEEE Transactions on  (Volume:54 ,  Issue: 1 )