For a dual channel supply chain with a risk averse manufacturer and a risk averse retailer, this paper studies the wholesale price and the prices of direct channel and traditional retailing channel under complete information and asymmetric information separately. By comparing the optimal decisions under both conditions, the direct price is not affected by the asymmetric information. The optimal wholesale price and the retailing price change with the mean of the risk-aversion measure. The conclusion is supported by the numerical example. It also analyzes the optimal decisions under the constraint that the direct price can not be less than the wholesale price. The comparison of the optimal decisions with or without constraint   illustrates that the whole quantity of sold products is changeless. But the constraint weakens the influence of direct channel on traditional retailing channel.