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Valve wont get any refunds for a game you trade in. The 10% off coupon has to be paid by valve.
Ubi and EAG are bad examples, since they dont have to pay any devs for any sale. They can give away games for free and unlike Valve or Epic they dont have to pay for it.
And Epic. They just got a lot of cash they use to get more active accounts. They are afraid of competition, so they use chinadollars to kill competition.
The same one that paid for the $5 coupon you received for spending $50+ during the summer event.
PS: I am not saying that the suggestion is any good - it's not. I just wanted to sort out the issue of who is paying
Competition is not symmetrical. Steam doesn't need to compete with Epic as much as Epic needs to compete with Steam.