Warranty and the Risk of Misinforming: Evaluation of the Degree of Acceptance

Abstract

Nowadays the product warranty plays increasingly important role in any business transaction. It is a valuable attribute of the product and it is used extensively in marketing and advertising. It is a tool to enforce the competing power of the producer on the market place. There is a vast literature on the product warranty related to the product malfunctioning. In this study we address another type of warranty- the warranty of misinforming, which of great importance in the light of indirect business communication, as in e-commerce. Here, we extend previous studies, aiming to provide a more realistic model for quantifying the risk of misinforming caused by information asymme-try. We propose an approach for evaluating the degree of acceptance of the product with respect to individual tasks, which previously was assumed to be a known constant.

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