I don't have links right now but Valve has published some numbers that seem to suggest the opposite- that their low price sales sell so many more copies of games that they bring in more revenue than when the game is at full price.

Also you can see how effective the model is for indie games. Take Stardew Valley for instance. A hugely successful indie game that's made the author a ton of money. And it still sells for less than Harvest Moon/Story of Seasons.