Abstract: Strategic consumer behavior has received more and more attention. In this article,consumers are assumed to be risk averse and heterogeneous in product's value. When strategic and non-strategic consumers coexist, two-stage pricing policy and single pricing policy are compared, condition of rationing is discussed, and jointly ordering and pricing policy are analyzed. Research shows that two-stage pricing policy dominates single pricing policy when consumers are risk averse. Firm prefers rationing inventory policy if there is higher proportion of strategic consumers or higher degree of risk aversion or greater discount of second phase's price. In addition, only appropriate discounts will increase firm's profit, excessive discount competition doesn't benefit both firm and consumers.

Key words: risk aversion, strategic consumer, rational expectation equilibrium