Abstract: The strategy choice of Money-Back Guarantees（MBG） of supply chain members is studied. There are three kinds of MBG policies for the single supply chain composed of a single manufacturer and single retailer, i.e., no MBG, MBG only provided by the retailer and MBG only provided by the manufacturer. This paper derives the optimal demand of consumers, the optimal pricing strategy and the optimal profit of the retailer and the manufacturer in different MBG scenarios. By the comparison analysis, it shows that the product price, ?the manufacturer’s wholesale price, the demand of consumers and the retailer and the manufacturer’s profits depend on the MBG state in the supply chain. If the salvage value of the return product satisfy certain conditions, providing MBG in the supply chain will improve the level of their profits rather than lower their profits. If the difference of the salvage value of MBG only provided by the manufacturer and the salvage value of MBG only provided by the retailer satisfy certain conditions, providing MBG in the supply chain will improve the level of their profits.

Key words: supply chain, money-back guarantees, online shopping, consumer utility, Stackelberg game

摘要： 研究了不同供应链成员提供退款保证策略及其优化选择问题。考虑了由单个制造商和单个零售商组成的单条供应链，共考虑了三种退款保证策略，即制造商和零售商均不提供退款保证、仅零售商提供退款保证以及仅制造商提供退款保证策略。分别求解得到相应的最优消费者需求量、零售价格、批发价格以及利润的联合决策。研究发现：零售商的商品销售价格、制造商的批发价格、消费者的需求量以及零售商和制造商的利润都与是否提供退款保证服务有关。发现只要当供应链成员提供退款保证服务时商品残值满足一定条件，提供退款保证不仅不会使供应链成员利润降低，反而会提高他们的利润水平；当制造商提供退款保证时商品残值与零售商提供退款保证时商品残值的差值满足一定的条件，供应链中制造商和零售商提供退款保证服务都有可能给供应链带来更高的利润水平。

关键词: 供应链, 退款保证, 网购, 消费者效用, Stackelberg博弈