Page 1 of 3 123 LastLast
Results 1 to 20 of 46

Thread: The ‘Lemons’ and ‘Plums’ market for photographers in Singapore

  1. #1
    Member
    Join Date
    Jun 2003
    Location
    Singapore
    Posts
    481

    Default The ‘Lemons’ and ‘Plums’ market for photographers in Singapore

    Much vigorous debate has been focused on the Singapore photographer’s fees. Some has argued with idealistic perspectives that photographers should uphold high fees and maintain creativity standards, others have called for a more logical and business-based solution to pricing. Yet there is also a sizable contingent that seeks to use price competition to distort market pricing of a Singapore photographer’s service.

    What I meant by service broadly include not just photography coverage, but also other services such as digital editing, problem-solving, client servicing, equipment rental, and other services which have a cost.

    From an economic perspective, the lament about lowly valuation of the Singapore photographer can be chiefly due to Asymmetric Information, one party has more information than the other. The buyer (the Client) usually has little ideas about whether the photography service which he is considering engaging is a ‘Lemon’ or a ‘Plum’. Conversely, the Seller (the Photographer) has perfect information about his photography service: his skills, equipment, work attitude, etc.

    (A ‘Lemon’ is 1940s-1950s American car-dealer slang for a bad car; a ‘Plum’ is slang for a good one. In this case, a lemon is loosely use to mean an inexperienced and ‘lousy’ photographer, while a plum means an experienced and capable one)

    But no matter how brilliant or abysmal his photography service is, he will market it as a plum (think of the many wedding photographers who painted a flowery picture on how they understand the single most important day of your life and that his photos will capture that beautiful moment; often they themselves are not married! Of course being married is not a requirement for good wedding photography, but I digress).

    To see the problems associated with such asymmetric information and the resultant inefficient function of the Singapore photographer market, we build a simple model:

    • Assume a simple market in which there are 100 photographers who are trying to sell their photography service and in which there are 100 clients who are looking for photography service
    • Every one knows that 50% of the photographers are lemons, and the other 50% will be plums
    • None of the clients know which is which; yet every single photographer knows the precise standard of his photography service
    • Plum photographers would not be willing to sell their photography service for less than $125/hr, whereas lemon photographers would be happy to get $40/hr for theirs
    • Clients would be willing to pay up to $150/hr for a plum (if they require a plum to do the job), but only up to $50/hr for a lemon


    [The hourly rates are chosen to illustrate the model and in no way be taken to mean that all $40/hr photographers are lemons]

    With the existence of symmetric information, where every one knows who is a plum and who is a lemon, and so clients who need only a lemon to do the job will hire one, and hire a plum if his needs are more demanding; it can be easily seen that no problems would exist. Two different markets would run parallel to each other, having an equilibrium hourly rate in each market for plum and lemon.



    But since asymmetric information exists, there is only one combined market for photography service, and a potential client cannot determine easily which photographer is a plum or a lemon, he will have to guess about the quality of each photographer (maybe from his portfolio, recommendations, website, etc)

    Given that 50% is plum and 50% is lemon, the client would be willing to pay up to his expected marginal valuation of the photographer’s service:

    Expected Value = (0.5 x $50) + (0.5 x $150) = $100

    The problem now is: no plum photographer would be willing to accept $100/hr for his photography service as he charges at least $125/hr. Lemon photographers would be ecstatic to sell their photography service for $100/hr since they are willing to provide the service for as low as $40/hr.

    At the hourly rate of $100/hr; only lemon photographers will put up their service for hire.



    The market for plum photographers has failed. And the market for Singapore photographers is flooded with lemon photographers.

    Eventually, clients will realise that only lemon photographers are in the market, and they will revise their expected value to a lower amount: an amount up to $50/hr.

    Therefore, lemon photographers convey a detrimental externality upon plum photographers. When somebody attempts to sell a low-quality photography service through a low price, he affects all potential clients’ perceptions of the quality of the average photographer on the market.

    If too many low-quality photography services are placed on the market, it makes it extremely difficult for photographers who produce high-quality service to sell their services.

    But of course, the trick now is to find the correct market price for an average quality service. Some says it is $150/hr, others say it is $80/hr, or even $50/hr. Is the hourly rate absolute or is there further reduction if more hours are taken? $2000/8hrs or $500/10hrs Furthermore, what is average quality? A set of 300 nicely exposed photographs and a friendly photographer? Or 100 creatively framed brilliant photographs with a diva-like photographer?

    The other issue to grapple is on how plum photographers can (and must) convey credible signals to potential clients on their quality. Finally, the prevailing culture of accepting just mediocre photographs may also constrain the development of the local photography industry. Personally, I don't think this problem is going to be resolved anytime.

    If you have read this far, I applaud you for having the patience to trudge through all this. In the meantime, keep shooting!

  2. #2
    Member bowwow's Avatar
    Join Date
    Nov 2003
    Location
    In my own private Idaho.
    Posts
    514

    Default Re: The ‘Lemons’ and ‘Plums’ market for photographers in Singapore

    very interesting take and insightful approach...
    --- the only constant is evolution and change ---
    --- the only solution is adaptation ---

  3. #3
    Member
    Join Date
    Jan 2010
    Location
    Bkt Timah
    Posts
    190

    Default Re: The ‘Lemons’ and ‘Plums’ market for photographers in Singapore

    Interesting thoughts
    Nikon D90 | Flickr

  4. #4

    Default Re: The ‘Lemons’ and ‘Plums’ market for photographers in Singapore

    Quote Originally Posted by hori View Post
    Much vigorous debate has been focused on the Singapore photographer’s fees. Some has argued with idealistic perspectives that photographers should uphold high fees and maintain creativity standards, others have called for a more logical and business-based solution to pricing. Yet there is also a sizable contingent that seeks to use price competition to distort market pricing of a Singapore photographer’s service.

    What I meant by service broadly include not just photography coverage, but also other services such as digital editing, problem-solving, client servicing, equipment rental, and other services which have a cost.

    From an economic perspective, the lament about lowly valuation of the Singapore photographer can be chiefly due to Asymmetric Information, one party has more information than the other. The buyer (the Client) usually has little ideas about whether the photography service which he is considering engaging is a ‘Lemon’ or a ‘Plum’. Conversely, the Seller (the Photographer) has perfect information about his photography service: his skills, equipment, work attitude, etc.

    (A ‘Lemon’ is 1940s-1950s American car-dealer slang for a bad car; a ‘Plum’ is slang for a good one. In this case, a lemon is loosely use to mean an inexperienced and ‘lousy’ photographer, while a plum means an experienced and capable one)

    But no matter how brilliant or abysmal his photography service is, he will market it as a plum (think of the many wedding photographers who painted a flowery picture on how they understand the single most important day of your life and that his photos will capture that beautiful moment; often they themselves are not married! Of course being married is not a requirement for good wedding photography, but I digress).

    To see the problems associated with such asymmetric information and the resultant inefficient function of the Singapore photographer market, we build a simple model:

    • Assume a simple market in which there are 100 photographers who are trying to sell their photography service and in which there are 100 clients who are looking for photography service
    • Every one knows that 50% of the photographers are lemons, and the other 50% will be plums
    • None of the clients know which is which; yet every single photographer knows the precise standard of his photography service
    • Plum photographers would not be willing to sell their photography service for less than $125/hr, whereas lemon photographers would be happy to get $40/hr for theirs
    • Clients would be willing to pay up to $150/hr for a plum (if they require a plum to do the job), but only up to $50/hr for a lemon


    [The hourly rates are chosen to illustrate the model and in no way be taken to mean that all $40/hr photographers are lemons]

    With the existence of symmetric information, where every one knows who is a plum and who is a lemon, and so clients who need only a lemon to do the job will hire one, and hire a plum if his needs are more demanding; it can be easily seen that no problems would exist. Two different markets would run parallel to each other, having an equilibrium hourly rate in each market for plum and lemon.



    But since asymmetric information exists, there is only one combined market for photography service, and a potential client cannot determine easily which photographer is a plum or a lemon, he will have to guess about the quality of each photographer (maybe from his portfolio, recommendations, website, etc)

    Given that 50% is plum and 50% is lemon, the client would be willing to pay up to his expected marginal valuation of the photographer’s service:

    Expected Value = (0.5 x $50) + (0.5 x $150) = $100

    The problem now is: no plum photographer would be willing to accept $100/hr for his photography service as he charges at least $125/hr. Lemon photographers would be ecstatic to sell their photography service for $100/hr since they are willing to provide the service for as low as $40/hr.

    At the hourly rate of $100/hr; only lemon photographers will put up their service for hire.



    The market for plum photographers has failed. And the market for Singapore photographers is flooded with lemon photographers.

    Eventually, clients will realise that only lemon photographers are in the market, and they will revise their expected value to a lower amount: an amount up to $50/hr.

    Therefore, lemon photographers convey a detrimental externality upon plum photographers. When somebody attempts to sell a low-quality photography service through a low price, he affects all potential clients’ perceptions of the quality of the average photographer on the market.

    If too many low-quality photography services are placed on the market, it makes it extremely difficult for photographers who produce high-quality service to sell their services.

    But of course, the trick now is to find the correct market price for an average quality service. Some says it is $150/hr, others say it is $80/hr, or even $50/hr. Is the hourly rate absolute or is there further reduction if more hours are taken? $2000/8hrs or $500/10hrs Furthermore, what is average quality? A set of 300 nicely exposed photographs and a friendly photographer? Or 100 creatively framed brilliant photographs with a diva-like photographer?

    The other issue to grapple is on how plum photographers can (and must) convey credible signals to potential clients on their quality. Finally, the prevailing culture of accepting just mediocre photographs may also constrain the development of the local photography industry. Personally, I don't think this problem is going to be resolved anytime.

    If you have read this far, I applaud you for having the patience to trudge through all this. In the meantime, keep shooting!
    orh.......

  5. #5

    Default Re: The ‘Lemons’ and ‘Plums’ market for photographers in Singapore

    i think you take economics too seriously.

  6. #6
    Member Shahrie's Avatar
    Join Date
    Jan 2010
    Location
    Admiralty, SG
    Posts
    420

    Default Re: The ‘Lemons’ and ‘Plums’ market for photographers in Singapore

    Very interesting. And indeed, it does really make sense.

    Ok, I admit that I may be one of those 'lemon' photographers out there. I'm facing the fact that my photography level are nowhere near those at the top of the list. I just started out photography few months ago and I intend to earn extra income from it. And I can't charge my potential clients really high price because it'll hurt my reputation in future if my clients don't get what they expect. And I know some of them will.

    But in order for me to be better at photography, I have to gain more experience. (Lets not talk abt training videos, books etc) And to sustain these so called 'experience' I need to have consistant clients. In order to do so, I HAVE to bring down my price. Bad photos + cheap service = (Won't hurt clients that much).

    OR should I provide my service for free JUST to earn that experience without becoming a 'sour lemon' to the photography market. I can think of it as an investment (travelling fares, time, camera, lens etc) to speed up my photography learning and produce better photos. And until, I think my photography is worth something, then I'll start charging at 'plum' price.

    I have invested so much time and effort in photography and there's no way to turn back. I believe a lot of 'lemon' photographers share the same sentiments as me. I know that in order to bloom my lemon to become a plum, I have to put in a lot of effort relentlessly. And I apologise in advance if I step on other photographer's toes along the way.

  7. #7
    Member 9V-Orion Images's Avatar
    Join Date
    Apr 2009
    Location
    Autenticate ALGRN @ 7987.8270
    Posts
    1,760

    Default Re: The ‘Lemons’ and ‘Plums’ market for photographers in Singapore

    That is a well thought-of and interesting analysis.
    Last edited by 9V-Orion Images; 9th May 2010 at 07:49 PM.
    CS Aviation / Flickr
    Per aspera ad astra

  8. #8

    Default Re: The ‘Lemons’ and ‘Plums’ market for photographers in Singapore

    Quote Originally Posted by 9V-Orion Images View Post
    That is a well thought-of analysis.
    i could point out any number of anomalies to this, such as the fact that some plums do not charge plum rates, and some lemons will try to charge plum rates.

    the fact that asymmetric information is not applicable in all scenarios is also true. i don't think even lemon photographers will try to deceive and miscommunicate others' photos as their own. given that, it is not the same case as a camera sale - where the buyer doesn't know that the seller has been smearing his mucus inside the sensor cavity, but the seller knows, and this is not immediately discernible when checking.

    the buyer here (or the client) can easily ask for the seller (photographer)'s portfolio.

    the truth is, asymmetric information assumptions should not hold in this market. it is more of a case where people are limited by budgets and simply snap up the cheapest choice that they can afford. it is also a matter of priorities (if you wish to make it so economic-like, one could say that the weights placed on "wedding day photography" in their utility function is small).. people are not willing to spend as much on photography because of how it is perceived.

    there are also other things as well.

    as a rudimentary analysis, it seems to hold up fine, but when you consider all the assumptions made, i don't think the market, or any market for that matter can be that simplistic. such cases only exist in textbooks.

  9. #9

    Default Re: The ‘Lemons’ and ‘Plums’ market for photographers in Singapore

    Quote Originally Posted by 9V-Orion Images View Post
    That is a well thought-of and interesting analysis.
    Yes

  10. #10
    Member
    Join Date
    Jun 2003
    Location
    Singapore
    Posts
    481

    Default Re: The ‘Lemons’ and ‘Plums’ market for photographers in Singapore

    Quote Originally Posted by night86mare View Post
    i could point out any number of anomalies to this, such as the fact that some plums do not charge plum rates, and some lemons will try to charge plum rates.

    the fact that asymmetric information is not applicable in all scenarios is also true. i don't think even lemon photographers will try to deceive and miscommunicate others' photos as their own. given that, it is not the same case as a camera sale - where the buyer doesn't know that the seller has been smearing his mucus inside the sensor cavity, but the seller knows, and this is not immediately discernible when checking.

    the buyer here (or the client) can easily ask for the seller (photographer)'s portfolio.

    the truth is, asymmetric information assumptions should not hold in this market. it is more of a case where people are limited by budgets and simply snap up the cheapest choice that they can afford. it is also a matter of priorities (if you wish to make it so economic-like, one could say that the weights placed on "wedding day photography" in their utility function is small).. people are not willing to spend as much on photography because of how it is perceived.

    there are also other things as well.

    as a rudimentary analysis, it seems to hold up fine, but when you consider all the assumptions made, i don't think the market, or any market for that matter can be that simplistic. such cases only exist in textbooks.
    Haha, yes, I was studying asymmetrical information and thought about its relevance to the photography service in Singapore. Helps me in my studies to apply it to the market.

    1. You're right on the simplicity part. Hence I mentioned that it is a simple model with many assumptions that are not exactly realistic in real life. But the key insight that asymmetrical information can be used to distort markets is very well true.

    2. Lemon photographers are not using others' portfolio to pass off as their own in positioning themselves as plum, they just try to position themselves as plum by other (usually) ethical means (nice website design, great photoshop skills, etc).

    3. With regards to budget constraint, the ambiguous part is how much this budget will be. You hit it right on the nail with this one. What I posited is that asymmetrical information may give them some trouble in finding a photographer suitable for their budget. Of course you can argued that that's why photographers have portfolios to 'signal' their quality. But that's not the crux of this argument - which is the low-quality service may lower clients' perception of the average photographer's service due to asymmetrical information.

    4. Finally, text-book theories and models are simplistic, because they are meant to be simple. Most laymen, including myself, may not understand a complex econometrical model with thousands of variables and tons of statistical equations. However it might be unwise to scoff at them, since these simple models are constructed typically with real data to help us explain and understand the big picture.

    In this particular case, obviously I don't have the raw data of hourly rates of all the photographers in Singapore or their quality of work. So, erm, take this AI argument with a pinch of salt.

    5. I'll probably follow up this argument with a 'signalling' argument of how plum photographers can signal their quality. (Most of you will have already know that having a strong portfolio is one of the 'signals')
    Last edited by hori; 9th May 2010 at 08:58 PM.

  11. #11

    Default Re: The ‘Lemons’ and ‘Plums’ market for photographers in Singapore

    Quote Originally Posted by hori View Post
    2. Lemon photographers are not using others' portfolio to pass off as their own in positioning themselves as plum, they just try to position themselves as plum by other (usually) ethical means (nice website design, great photoshop skills, etc).
    i don't know about that, most of the lemon photographers i've seen have bad websites..

    what they do sell on is low budget, sadly. undercut, undercut until the point where the customer will overlook quality and look at pricing because it has become more attractive.

    that said, i think this situation in singapore is more of a 2-markets syndrome. your lemon-plum issue might probably apply to the higher-end market, which doesn't mind forking out big money for award winning wedding photographers, for example.

    in the lower-end market, sometimes quality is not an issue. i have seen wedding shots which are just p&s shots done with a dslr. i kid you not, and the people paid for it, it was a low price of course.

    yes, signalling is very important for the plum photographer, it is the only way they can survive. you will see it happening for the more prominent wedding photographers here..

  12. #12
    Member
    Join Date
    Jun 2003
    Location
    Singapore
    Posts
    481

    Default Re: The ‘Lemons’ and ‘Plums’ market for photographers in Singapore

    Quote Originally Posted by night86mare View Post
    i don't know about that, most of the lemon photographers i've seen have bad websites..
    Erm, actually I agree almost fully (I hum ji don't dare to say confirm chop stamp) with you on that. Many don't put much effort into doing their websites, maybe because freelance lah.

    I also think that it is a two-market model, but I will call it niche/high-end market and general market. The niches are specialist photography such as architecture, certain product photography, etc. General market typically apply to event-based photography.

    Yes, I also seen a number of P&S types of wedding photos or foggy shots. Since wedding belongs to the general market, you have a greater variety of quality.

    Thanks for the support on 'signalling'. Let's see if I can come up with a strong argument or proposition for it next. LOL

  13. #13
    Member
    Join Date
    Aug 2004
    Location
    Mostly SF, Sometimes SGP
    Posts
    424

    Default Re: The ‘Lemons’ and ‘Plums’ market for photographers in Singapore

    Quote Originally Posted by Shahrie View Post
    Very interesting. And indeed, it does really make sense.

    Ok, I admit that I may be one of those 'lemon' photographers out there. I'm facing the fact that my photography level are nowhere near those at the top of the list. I just started out photography few months ago and I intend to earn extra income from it. And I can't charge my potential clients really high price because it'll hurt my reputation in future if my clients don't get what they expect. And I know some of them will.

    But in order for me to be better at photography, I have to gain more experience. (Lets not talk abt training videos, books etc) And to sustain these so called 'experience' I need to have consistant clients. In order to do so, I HAVE to bring down my price. Bad photos + cheap service = (Won't hurt clients that much).

    OR should I provide my service for free JUST to earn that experience without becoming a 'sour lemon' to the photography market. I can think of it as an investment (travelling fares, time, camera, lens etc) to speed up my photography learning and produce better photos. And until, I think my photography is worth something, then I'll start charging at 'plum' price.

    I have invested so much time and effort in photography and there's no way to turn back. I believe a lot of 'lemon' photographers share the same sentiments as me. I know that in order to bloom my lemon to become a plum, I have to put in a lot of effort relentlessly. And I apologise in advance if I step on other photographer's toes along the way.
    Shahri, no matter what your price is, wedding couples have expectations. After the wedding day, if the wedding images are good or bad, they will tell their friends (or their friends will see for themselves) but more often than not, the couple will leave out the fact that you were cheap. Even worse, they will tell all their friends you were cheap and you will end up wearing the cheap photographer label, which is very hard to break out of later.

    My advice in your situation instead is to second or third shoot for established photographers and attend lots of shooting workshops. Very often, if you're catering to the low end of the market, you'll probably make as much second or third shooting. When you're ready, start up your business in the mid to mid high range.

  14. #14

    Default Re: The ‘Lemons’ and ‘Plums’ market for photographers in Singapore

    The only equation that I relate to is

    No of job = brand + product + service + pricing

    you can start any price point but you do have to understand moving any of your price point will have some effect on overall jobs assuming the rest remains constant.

    Most photographers will choose to move the price up to reduce the no of jobs and at the same time increasing the other factors.

    I rely on the above equation to price my work. If whatever you provide translate to over 90% booking rate then, you know where you are standing. The opposite is the same.

    Price is not one of the most important factor but of course that normally is the strong factor that influence the final decision.

    Hart

  15. #15
    Member Shahrie's Avatar
    Join Date
    Jan 2010
    Location
    Admiralty, SG
    Posts
    420

    Default Re: The ‘Lemons’ and ‘Plums’ market for photographers in Singapore

    Quote Originally Posted by ckuang View Post
    Shahri, no matter what your price is, wedding couples have expectations. After the wedding day, if the wedding images are good or bad, they will tell their friends (or their friends will see for themselves) but more often than not, the couple will leave out the fact that you were cheap. Even worse, they will tell all their friends you were cheap and you will end up wearing the cheap photographer label, which is very hard to break out of later.

    My advice in your situation instead is to second or third shoot for established photographers and attend lots of shooting workshops. Very often, if you're catering to the low end of the market, you'll probably make as much second or third shooting. When you're ready, start up your business in the mid to mid high range.
    Thank you for your advises. I cannot get these insights from anywhere except only from the experienced. Open up my eyes a little. I believe my main priority right now is not to 'jump' into the pool and start swimming. I need stronger foundation and theres a lot of other ways to gain experience rather than starting out blindly.

    The thoughts of being label as a 'cheap' and a 'so-so' photographer scares me. I do value my work and I don't want to be struggling trying to break out to the upper market in future.

    By the way, any good shooting workshops to recommend? I wanna try attending to one of these.

    ps: hori, it seems like I'm hijacking your thread. Pls pardon me. Just don't want to start a new one. This will be the last. I promise. Heee.

  16. #16
    Member Shahrie's Avatar
    Join Date
    Jan 2010
    Location
    Admiralty, SG
    Posts
    420

    Default Re: The ‘Lemons’ and ‘Plums’ market for photographers in Singapore

    Quote Originally Posted by Agetan View Post
    The only equation that I relate to is

    No of job = brand + product + service + pricing

    you can start any price point but you do have to understand moving any of your price point will have some effect on overall jobs assuming the rest remains constant.

    Most photographers will choose to move the price up to reduce the no of jobs and at the same time increasing the other factors.

    I rely on the above equation to price my work. If whatever you provide translate to over 90% booking rate then, you know where you are standing. The opposite is the same.

    Price is not one of the most important factor but of course that normally is the strong factor that influence the final decision.

    Hart
    Your equation is pretty simple to understand. I'll keep that in mind from now on.

  17. #17

    Default Re: The ‘Lemons’ and ‘Plums’ market for photographers in Singapore

    hori, are you in the "photography industry"?I'm curious as to the basis and evidence of your post. Is it based on personal experience, surveys, or is this just a textbook hypothesis?

  18. #18
    Member
    Join Date
    Jun 2003
    Location
    Singapore
    Posts
    481

    Default Re: The ‘Lemons’ and ‘Plums’ market for photographers in Singapore

    Quote Originally Posted by Agetan View Post
    The only equation that I relate to is

    No of job = brand + product + service + pricing

    you can start any price point but you do have to understand moving any of your price point will have some effect on overall jobs assuming the rest remains constant.

    Most photographers will choose to move the price up to reduce the no of jobs and at the same time increasing the other factors.

    I rely on the above equation to price my work. If whatever you provide translate to over 90% booking rate then, you know where you are standing. The opposite is the same.

    Price is not one of the most important factor but of course that normally is the strong factor that influence the final decision.

    Hart
    I like your equation and it's good solid advice. Using the market forces to let the photographer knows how, by adjusting his pricing, where he stands in the booking rate.

    However I think price is one of the most important factors, besides pure monetary value, price do convey a certain quality of work. One normally won't expect a $500/hr photographer to be of identical skills and experience as a $50/hr one, assuming they both are full-time professionals.

  19. #19
    Member
    Join Date
    Jun 2003
    Location
    Singapore
    Posts
    481

    Default Re: The ‘Lemons’ and ‘Plums’ market for photographers in Singapore

    Quote Originally Posted by Shahrie View Post
    Thank you for your advises. I cannot get these insights from anywhere except only from the experienced. Open up my eyes a little. I believe my main priority right now is not to 'jump' into the pool and start swimming. I need stronger foundation and theres a lot of other ways to gain experience rather than starting out blindly.

    The thoughts of being label as a 'cheap' and a 'so-so' photographer scares me. I do value my work and I don't want to be struggling trying to break out to the upper market in future.

    By the way, any good shooting workshops to recommend? I wanna try attending to one of these.

    ps: hori, it seems like I'm hijacking your thread. Pls pardon me. Just don't want to start a new one. This will be the last. I promise. Heee.
    I think ckuang has a good point that you might be labelled as a 'lemon' if you produce less than satisfactory work, even if you're cheap. Workshop-wise, I think it depends what you wishes to work on: is it composition? or technical skills with a flash? etc..

  20. #20
    Member
    Join Date
    Jun 2003
    Location
    Singapore
    Posts
    481

    Default Re: The ‘Lemons’ and ‘Plums’ market for photographers in Singapore

    Quote Originally Posted by mattlock View Post
    hori, are you in the "photography industry"?I'm curious as to the basis and evidence of your post. Is it based on personal experience, surveys, or is this just a textbook hypothesis?
    It's a textbook simple model based on the stated assumptions and the theory of asymmetric information. Of course some of my personal experience and observational surveys from Clubsnap are inserted into the simple model to apply it in this context

    Anyway, I've enjoyed your work, Mattlock
    Last edited by hori; 10th May 2010 at 03:40 AM.

Page 1 of 3 123 LastLast

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •