This paper researches the optimization and coordination problem of closed-loop supply chain with risk-averse
characteristic. For a two-echelon closed-loop supply chain with a risk-averse manufacture and a risk-averse retailer, a
conditional value-at-risk(CVaR) model, an optimal ordering quantity model and an optimization wholesale price model
are constructed under revenue-and-expense sharing contract and random demand by making use of CVaR. On the basis of
the analysis of the models, this paper reveals the impact of risk-averse level of manufacture and retailer on the decisions of
the optimal ordering quantity, optimization wholesale price，CVaR and closed-loop supply chain coordination. Finally, a
numerical example is given to verify the obtained conclusions.