中文摘要：

本文研究了渠道权力结构和参与者的风险规避态度对闭环供应链差异定价机制的影响。假设制造商为风险中性者而零售商是风险规避者,利用均值——方差理论得到了制造商的期望利润函数和零售商的期望效用函数,在此基础上探讨制造商主导、零售商主导和垂直纳什均衡3种渠道权力结构下的闭环供应链差异定价策略与利润分配问题。本文还分别比较了不同权力结构下新制造产品和再制造产品的最优批发价格、最优零售价格、制造商的最优期望利润以及零售商的最优期望效用,推导了零售商的风险规避系数对最优价格和最优产量的影响,最后结合算例仿真了渠道成员利润（效用）随风险规避系数和消费者偏好系数等参数的变化规律,结果表明：制造商和零售商形成垂直纳什均衡时的闭环供应链绩效最优,其次是制造商主导的闭环供应链,最差的是零售商主导的闭环供应链。

英文摘要：

This paper studies the effects of channel power structures and channel member’s risk-averse attitude on differentiated pricing policies of closed-loop supply chains.It is assumed that the manufacturer is risk-neutral and the retailer is risk-averse,the manufacturer’s expected profit function and the retailer’s expected utility function are obtained by mean-variance theory.Then the differentiated pricing policies and profit allocation problem are discussed under three channel power structures：Manufacturer-Stackelberg（MS）,Retailer-Stackelberg（RS）and Vertical Nash（VN）equilibrium.The optimal wholesale prices and retail prices of new manufactured products and remanufactured products,the optimal manufacturer’s expected profits and the optimal retailer’s expected utilities are compared under different power structures respectively,and then the impact of retailer’s risk-averse degree on optimal prices and optimal production quantities are deduced.Finally sensitivity analysis of risk-averse degree and consumer preferences on members’ profits（utilities）are given.The study has shown that the VN pattern yields the best closed-loop supply chain performances,and then is the Manufacturer-Stackelberg,the worst is the Retailer-Stackelberg supply chain.