中文摘要：

动态定价有利于厂商获得更多的消费者剩余，但是也会促使策略消费者持币观望，等待低价．研究策略消费者所占比例对厂商定价和库存决策的影响，给出了不限量动态定价、限量动态定价和天天平价三种策略的适用范围．当价格外生时，仅当对商品评价高的消费者数量较多且策略消费者所占比例适中时，限量策略较好；当价格内生时，若策略消费者比例较大，薄利多销的天天平价策略能吸引策略消费者尽早购买，若策略消费者比例较小，采取不限量动态定价策略能获得更大利润．

英文摘要：

Dynamic pricing helps the firm to exploit consumers surplus, but it also creates an incentive for strategic consumers to wait for lower price. This paper studies the optimal pricing and stocking decision of a fashion-like seasonal good in a market containing both strategic and nonstrategic consumers. We compare three strategies： rationing dynamic pricing, unrationing dynamic pricing and static pricing. When price is exogenous, rationing dynamic pricing is optimal only if there is a sufficiently large segment of high-valuation consumers and the proportion of strategic consumer is medium. When price is endogenous, rationing dynamic pricing is always inferior. Everyday low pricing outperforms while the number of strategic consumer is small, otherwise unrationing dynamic pricing is optimal.