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The acceleration of market information allows consumers to become increasingly "smart". According to current and historical reference price, consumers decide the buying time. Consumer buying behavior brings significant influence to the manufacturers' pricing and revenue. Based on consumer utility function, this article established a two-stage dynamic pricing model and discussed perishable product pricing strategies under consumer behavior and reference price effect. The two-stage optimaldoi:10.4236/ajibm.2019.912150 fatcat:yqqu6n6m5jbinicaaoas267oby