external The ‘Prisoner’s Dilemma’ and Why Photography Prices Will Keep Dropping —Tofurious

In the photography industry, lots of newcomers enter the industry. But why don’t the price and rate return to equilibrium? Instead, veteran photographers are forced to discount and discount and discount …

In reality, this phenomenon is not very surprising if one is adept in basic microeconomics and understands a form of game theory called, “prisoner’s dilemma.”

The bottom line is that low-priced photographers will continue to rise in income and volume, while high-priced photographers will continue to decline in income and volume.

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