For me it is theory 4 BECAUSE of theory 1.
I look at the price of a new game I want and think, nah... got too many games already. If the games were cheaper, I might have gotten it and put it on my to-do list or even play it immediately if I felt like it.
Another reason as well would be because the games are "incomplete". If I see a game and a season pass for the game, I'm already out. Then I rather wait until all the DLC has been released or wait for a cheaper goty or complete edition or massive special where I can buy both for around 50% of the original base game's price. It is why I didn't buy the new Wolfenstein during the previous sale.

. If the games were cheaper, I might have gotten it and put it on my to-do list or even play it immediately if I felt like it.



