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Mike, when I said we'd make it up in volume I was thinking of the worldwide English-reading market and being perpetually available, more than the price reduction.
I agree with you that my reading is time-limited not wallet-limited. Most paper books are only marketed regionally. E-books can be easily sold globally. I realize we're still seeing regional issues (e-stores that won't sell to you because you live 'there') but there is less barrier to overcome on-line than there is in paper. So our pool of prospective readers is larger.
My local major bookstores would not always stock the books I wanted to read since I was following a particular author or series. If it isn't fast-moving inventory a physical store has to drop it off the shelves for something that is. On-line the most obscure texts remain indexed and available essentially forever. That has to net more sales over an author's life than their several weeks of shelf exposure.
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