"Your fans love your games and eagerly await your next release. They want to get your game as soon as it comes out, at full price. But they are foolish to do that, because a sale is right around the corner. Even in economic terms, the extra utility of playing the game early, at release, is not big enough to offset the extra cost for most people . It makes more sense to wait, unless they love you and your work so much that they're willing to throw economic reason out the window. It's nice to have fans that love your work that much. And these are the fans that you kick in the teeth when you put your game on sale."
Jason Rohrer, the creator of Passage, Sleep is Death, and the soon-to-be-released Castle Doctrine, argues that the culture of frequent Steam sales is actually harmful to both players and developers in a blog post. He postulates that a much more favorable model for both sides is the Minecraft system: early players get the deepest discounts instead of those who wait for sales, and future buyers must pay more as the game becomes more widely known and better supported.
It's a compelling argument, but it's incomplete. Charging latecomers higher prices is just as punishing as reducing prices after fans have paid in full, even if the psychological impacts differ. Organic growth is so important for lower profile games that launch on Steam. Players see their favorite streamers talking about games, or notice friends playing them, and they will remember that the next time a sale comes along--instead of being discouraged outright by a permanently high price.