There was some reporting done on the pricing of the Nexus 5 once US carriers started offering it in the US for around $450 on a 16 GB model when Google sells the same phone for about $100 less in the Play store.
CNET -- Here's why T-Mobile's Nexus 5 is $100 more than at Google Play (
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Excerpt: "The difference in pricing does suggest Google is offering a subsidy for the Nexus 5, giving customers who buy directly from Google a break on the device."
PC Mag -- Google's Nexus 5: Nobody Does it Cheaper (
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Excerpt: "Just as it did with the Nexus 4, Google built a quiet subsidy into this Nexus phone that makes it hard to recommend almost any other unlocked Android phone."
Android Authority -- Is Google subsidizing the Nexus 5? T-Mobile seems to think so (
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Excerpt: "After announcing that its Nexus 5 costs $100 more than what Google charges for the handset, T-Mobile said that it doesn’t make a profit on Nexus 5 sales, suggesting that Google is quietly subsidizing the device."
Android Central -- Ting now selling the Nexus 5, would still prefer if you bought from Google Play (
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Excerpt: "As it explains on its official blog, even with selling the Nexus 5 at below cost, Ting just can't match the $349 unlocked price that Google is charging."