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There are 3 reasons eBooks need to be cheaper than paper:
1) Customer's rights are severely constrained
2) Lower cost of replication, distribution, inventory management, and retail operation
3) Customers EXPECT lower prices
Frankly, with the lack of rights to lend and resell, I think that the eBook model should add rental as a significant option - just like video. The movie industry survives quite well with public library lending, DVD sales, and rentals.
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