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.
Shared on Sep 27, 2013 · Via