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A Bayesian Approach to Optimal Warranty Length for A Kumaraswamy Life Time Distributed Product with General Progressive Censoring Scheme

D. T. Patel, M. N. Patel

Abstract



In this paper we focus on the study of optimal warranty of a Kumaraswamy life time distributed product based on general progressive type-II censoring scheme. We have considered free-replacement, pro-rata and combination of the two policies under Bayesian set up. Optimal warranty lengths under the above policies are determined by maximizing expected utility function. A numerical data is used to exemplify the theory. A simulation study is also carried out to check the effect of hyper parameters on optimal warranty length under the above three warranty policies.

Keywords


Posterior distribution, economic benefit function, warranty policy and cost function, dissatisfaction cost function, general progressive type-II censoring

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