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There are a couple of problems with your argument, too, though.The problem with that argument (and where the consumer makes the wrong assumption) is that all content has to be paid for.
The base price for the program pays for a fixed amount of content, and if the developer has more content then he needs to be paid extra for that extra content, no matter whether that content was released on day 1 or day 99.
I admit that some game companies have reduced the amount of content in the base game in a way that there is more money for graphics than for playtime content, resulting in the player conception of a short game for a high price (and some publishers really short the developer on money and get short games but charge full for their own profits) - but that has been cause by player demand for high quality graphics instead of high quality games.
And even that is only an argument for not purchasing from companies that try to overcharge the consumer, but it has nothing to do with day one DLC - those exist for all types of companies and there are cases where D1DLC is very good and worth the money.
The biggest one is that there's no established standard for how much content is worth one dollar (nor what increase in graphics quality is worth what decrease in content, but let's leave that alone for the moment). Maybe Atlus says "the $60 base price for the program pays for a fixed amount of content, which is 50 hours of 'new', interesting material". Meanwhile, BioWare makes a game at the same time and says "the $60 base price for the program pays for a fixed amount of content, which is 30 hours of 'new', interesting material" and then charges you $10 for each additional 5 hours of additional content. Surely you can see how BioWare's upcharge for the final 20 hours of content feels like (and, in this oversimplified case, is) a giant rip-off?
There are certainly niggles to be made with this black-and-white example about not being able to compare the quality of the content, and that if BioWare invested equal resources into their 30 hours as Atlus did into 50 hours, and then additional resources into the 20 hours of DLC, then it stands to reason that the quality of each hour might be higher than Atlus'. But I think it's unlikely that this is how it usually goes with D1DLC. In my experience as a gamer I rarely find a difference in quality between D1DLC games and games without it - all I usually find is content that was cut.
In theory it certainly doesn't need to be this way and the real argument, like you said, should be against bad value in general and not against D1DLC. But in practice, D1DLC is such a major offender that it acts as a turnoff. If BioWare invested lots of resources (equal to most games' 50-hour adventures) into the 30-hour game and then additional resources into making the additional 20 hours of D1DLC content, the onus is on them to get the message out there.
Furthermore, these two games (the 50-hour standalone game and 30-hour base game that has DLC) are awfully hard to compare, because this is not a commoditized market (like gasoline, where you can directly compare price and amount to determine value), or even a product with easy-to-value features (like airline tickets, where a cheaper ticket plus "bag fees" and charges for soft drinks can be compared, by an individual consumer, against an all-in ticket that includes as many bags as you need). If it looks like the developer/publisher might be being avaricious, a rationally ignorant consumer will and should assume that the game is a rip-off, unless this developer/publisher has established a sufficiently large history of generosity (brand loyalty) or has successfully demonstrated that the "base game" is worth as much as another company's All-In product (removal of ignorance).
Add in to that the fact that some consumer behavior is simply hard-wired into our brains (like the way we value relative rather than absolute wealth, or the tendency for people to be risk-averse in gains but risk-seeking in losses... check out the Allais Paradox for one of the coolest examples of "perception is reality" I've ever seen), and it becomes pretty clear why having an NPC tell you about a quest that you're locked out of feels a lot worse than having a complete game without any DLC fragments, and adding an expansion pack onto it later. In something like a video game where the actual utility is coming from the way that the player feels as they play the game, one approach becomes clearly worse than the other.
In fairness, my ideas have problems as well. I don't think there's a perfect (or even great) solution to this system that's been marred by cash grabs; each game company needs to figure out a way to deliver good value to their audience and to put a lot of effort into managing expectations and perceptions the first few times that they go down the DLC route.
Hope this doesn't come off as snobby or pedantic; I spent an hour thinking and typing it up because I tend to really value your opinions, so I didn't want to say any of them were faulty without clearly being able to lay out why I think so.
TL;DR: I believe that even where the fears of being ripped off are unfounded, the consumer isn't making a "wrong assumption"; the developer is putting out a wrong perception that actually makes their game worse.
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