This research investigates optimal pricing strategies for new and remanufactured short-lived products, such as smartphones and laptops, where multiple generations of such products coexist. The study employs a utility function-based approach to models and examines the effect of consumer behavior and market dynamics on the optimal price of the product. Under consumer behavior, we study the impact of contrast, assimilation effects, and green consumerism on price. We also study market dynamics such as product differentiation and generational effects. While validating several extant findings, the study converges upon several novel insights. For instance, the research highlights that strong contrast and weaker assimilation effects tend to equalize the prices of both old and new generations of products. The study has important implications for research streams like pricing, timing of product launch, and remanufacturing.