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It's like you wrote this sentence just for me! =)
That might work for you, but it can't be your only source of income. But that's just my opinion.
Are you thinking most people just won't bother to pay even if they play the game a lot? Psychological research has shown that morals do tend to break down without any sort of enforcement mechanism but that was general populace research without much specific bearing on gaming. I am sort of curious to see whether hardcore 4x players would follow the same pattern for a product that, theoretically anyways, they would derive a lot of enjoyment from. Not sure if that curiosity outweighs my desire for a reasonable amount of compensation though.
I can't speak for others, but if I get something like this for free, I look for ways to compensate the developer in some way.
I think it really depends on the state of the game. The dev I was talking about goes by the steam handle of ufnv. Talk to him, and see what he says, because his game has been out and for free in a late alpha state for years.
I checked this stuff out last night, talking to a friend of mine in social and consumer sciences. He told me that although he agrees that intuitively such a consumer friendly model seems like a good strategy for new developers, its actually a total backfiring horror. Most of the research is in stuff like music or novels rather than games but it still applies. Actually, he told me it was worse for games because for other media you can release a short story or free single or movie trailer and that will allow people to have an accurate idea of your work, but in games you have to release actual stuff from the game you are trying to sell since even top studios have wildly varying quality. Which means demos basically, but the research on demos says they aren't very useful. They lack the moral appeal of paying based on how much you played the game, a demo for a 4x game is often more complex than a whole game in another genre so people can be satisfied with just a demo, etc.
He told me to just sell on Steam for 20$ based on the info I provided him on the game. Steam has its own internal pricing strategy as well, but he said the result would probably be 20$ based on looking at similar games. Although providing an alternate place to buy it for Steam haters would probably be good, too.
Like axioms, I have opinions about how things should be done, and I like the sometimes rough and tumble of internet discussions where you are occasionally called an idiot by someone who may or may not know more than you about the topic at hand. It makes you critically examine your opinion when you otherwise might not.
Here's what I would try if I was a dev like that:
I would first finish the game and then make a kickstarter to release it. The kickstarter-goal would be what I think my work on it is worth.
If the goal is fulfilled the game would be released for no further pay.
I would make youtube-videos about me playing it in order to show it off and get people interested.
An example of a similar release has been Kung-Fury.
I think it's a very fair pricing-model: Instead of trying to sell one "unit" of something that is a whole to each individual and thus trying to make the most profit, why not just sell the whole thing to everyone for what it's actually worth?