On the Limitation of Warranty Duration
分析了企业提供的保修期限远短于产品预期寿命的常见现象，指出在面临消费者逆向选择问题时，竞争均衡可能导致保修期限受限。
This paper analyzes the frequently-observed phenomenon that firms offer product warranties that are of much shorter duration than the life expectancy of these products. It is shown that competitive equilibria may entail limitation of warranty duration if firms face adverse selection problems with respect to different consumers. Copyright 1989 by Blackwell Publishing Ltd.