I think there's a reader psychology issue to consider, too. I remember when I first got an ereader (this was 2011 or so, maybe?) and I went to Kobo because it was a Kobo ereader. In the lower price range there were tons and tons of books without covers and books that were public domain books republished at 99 cents. At the time, I don't know if it's still the case, Kobo allowed you to filter on price. I immediately filtered the results to hide all of the cheap books. This was me as a reader seeing what was available at cheap prices and deciding I just didn't have time to sift through all that crap to find what was good.

As a writer, having experimented with pricing, I think there are different markets of readers at different price points. When you price at $3.99 in KU, which is a pretty standard approach for fantasy in KU, you attract one group of readers. But when I priced at $7.99 I was attracting a different group of readers. And the fact is a book may appeal to one group and not the other. An author will never know which group they appeal to if they don't try different pricing strategies. (Sure, if you're selling enough to make $10,000 a month, don't mess with a good thing, but how many of us are in that position?) Self-censoring because you're self-published doesn't make a lot of sense to me. Most readers don't pay attention to that. They look at the writing and the presentation and if those are of an acceptable standard they don't go digging in to find who published the book.

And that book that was selling at $7.99 only has about a dozen reviews on Amazon and the other two books in the series have 3 and 4 respectively right now on Amazon US. (It sells better in the UK but I'm sure there aren't that many more there.)

To each their own, but when you don't have much to lose, why not try different things?

For the record, I took that series back out of KU almost immediately because it just wasn't a good fit. (I emailed and they let me.) I was seeing weird results in KU this time around that made me wonder if something was wrong on their end. My mysteries are still in KU and behaving normally, but the fantasy series was most definitely not. I'm leaving the books at $4.99 for now because I'm going to be in a promo next week, but I may well take them back up in a month or two.