關鍵字：供應鏈、賽局理論、退貨政策 Nowadays, the development of technology has changed consumers’ buying behaviors, and has shortened products’ life cycles. Moreover, the rise of consumption consciousness forces companies to pay more attention to services. These two factors all together lead to keener competition and make return policies become even more important. The study assumes that the supply chain consists of a producer and two retailers, and the producer is the leader whilst the retailers are the followers. It is conducted under Stackelberg’s game theory with the attempt to understand how return policies affect the producer and the retailers under demand uncertainty through analyzing the results of model derivation. The researcher categorized demand uncertainty into three categories, namely high demand, low demand and their probability of occurrence for the purpose of analysis. The retailers determine the prices according to the intensity of demand and predict the expected profits via their probability of occurrence. Various pricing policies reflect the retailers’ attitudes on the return policies, which also affect the wholesale prices, the retailer prices and inventory levels. Moreover, the feasibilities of return policies can be understood by appraising profits the producer and retailers earn. The result shows that the producer and the retailers enjoy more profits induced by return policies.