Quoted from Deez:

Being able to raise your price depends a lot on the supply of games in your area. This is a topic I've discussed with the other ops in the area. As long as there is an op willing to put newer Sterns on .50 a play and do zero maintenance, that's where the players go.
They are very price sensitive at least in my area. I refuse to do that because I hate shitty playing games so I have them on 1.00 3/2.00 except for games with super short ball times like iron man and have OCD about maintenance.
I still have a healthy base of players and have a crane machine to offset the loss but I'm definitely leaving a bunch of money on the table but I'm ok with that because I really don't do it for the money. I do it to bring pinball to the masses.
Over the years I've done some pricing experiment and what I've found to hold true is people spend what is in their pocket regardless of price. If they have $20 they'll spend it and just get more or less games. Foot traffic is what draws extra earnings and for that you need new games, lower prices or a cool atmosphere.