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Equilibrium Decision Research on Closed-Loop Supply Chain Network Based upon Carbon Emission Rights Constraint and Risk Aversion

Considering the risk aversion characteristics of manufacturers and retailers under the constraint of carbon emission rights, the closed-loop supply chain network, which is composed of multiple competing manufacturers, retailers and demand markets, and its equilibrium decision problem was studied. Variational inequality and equilibrium theory were used to describe the equilibrium conditions of closed-loop supply chain network and the model of closed-loop supply chain network equilibrium was established under the risk aversion and the constraint of carbon emission rights. Research shows that there is a conflict between the economic performance and environmental performance of the closed-loop supply chain network under the constraint of carbon emission rights. When the risk aversion coefficient of closed-loop supply chain network increases, enterprises reduce product wholesale and purchase volume to avoid risks, and manufacturers decrease the trading volume, which contributes to the coordination of the network economic performance and environmental performance. What's more, the total carbon emission reduction of the closed-loop supply chain network is improved while the total utility of the network is reduced as risk aversion coefficient increases. This paper also argues that the reasonable formulation of carbon trading prices will have a positive role in promoting the actively implementation of enterprises' carbon reduction measures in closed-loop supply chain network.