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I think prices are reasonable, considering that CK2 for example was released 4 years ago and they could make two separate games during that, which would cost the same as all DLCs.
But. It's still psychologically hard to catch up with PD games when you look at that 200$+ DLC list and PD might be losing some of audience due to overextended development time. Well, I guess, PD knows it's sales and business model better than me.
 
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How is this any diferent from what other companies do with (bigger) expansions. Take a look at starcraft 2, released in 2010, full game cost 50 euros back then, after that 2 expansions released, each, on release, costing around 50 euros, so, if not on sale, price of full game would be 150 euros.... The only diference is that paradox does this in smaller chunks, but the end result is the same, a game with multiple years of work just becomes more expensive if you want to buy all the expansions/dlc's... You can still buy the base game and have fun as well... but if you want all the extra stuff from the years of development you will have to pay more...