Abstract: Considering the risk aversion of retailers in the face of uncertain market demands， in the three-tier supply chain of manufacturer-dominated single-channel distribution， the retailer’s optimal ordering strategy， the distributor’s pricing equilibrium and the manufacturer’s pricing strategy were studied. Further， a reseller who provides a repurchase contract was added into the supply chain， and in the three-tier supply chain of retailers’ dual procurement and manufacturers’ differentiated dual-channel distribution， the optimal ordering strategy of a risk-averse retailer and pricing strategy of two competing distributors and a manufacturer were studied. Through the comparative analysis of decisions， a coordination mechanism that benefits all members of the three-tier supply chain with differentiated dual distribution channels was established. The research results show that， compared with the single-channel supply chain， the differentiated dual-channel supply chain can achieve Pareto improvement， which increases the benefits of supply chain members， and the Pareto region will be affected by the degree of retailers’ risk aversion.

Key words: three-tier supply chain; risk aversion; differentiated distribution channel; dual procurement; coordination mechanism