To turn that around, one could argue the ebook has a lower value since it is easily pirated. It is competing with a version of itself that costs $0.00 and a few minutes of web searching.
The experiment described in TFA is pretty clearcut. She saturated the torrents with fakes, and more people bought authorized copies.
But another experiment would be more interesting. Cut the price of the ebook substantially, and look at aggregate sales. After all, the marginal cost of ebooks is ~$0. And downloading torrents is more hassle (and more risky) than buying from Amazon or whatever. Maybe there's a price point that would minimize piracy and maximize sales.
We should absolutely expect any move off the $12 to cause a similar response. There is almost certainly a maximized price/units point on that curve somewhere below the $12... King's to the publisher brave enough to look for it first.
(It should be noted that its not just $12 right now either, its $12-plus-the-hassle-the-DRM-puts-you-thru).
And for what it's worth, this is basically how the music industry beat piracy.
The publishing industry hasn't come close to this. In fact, they're most well-known for an illegal price fixing scheme.[0]
[0] https://www.theguardian.com/technology/2016/mar/07/apple-450...
I did recently bin my Spotify subscription owing to privacy concerns but have returned - it's a pain to build up a library and then put it somewhere accessible (sometimes offline in an era of devices that aren't as big as the iPod I used to have) and I was optimistic to think that the value-add would be trivially replicatable. The weekly playlists are excellent too, so currently I'm prepared to pay a monthly convenience fee. If that changed too dramatically, I'd probably move back to piracy.
Netflix is a good example of faltering here where Spotify succeeded - I know 99% of the time that the media I want to watch isn't available on their platform whereas that's an almost non-event with the latter. Convenience is something people will almost always pay for.
Ebooks and physical books have different uses, different distribution, different benefits, different downsides. They aren't identical and it's not surprising or unfair that they're priced differently.