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Are the Obamas Bad for the Paparazzi Economy?

The paparazzi are like 18th-century pirates in that it’s hard to understand and control them until you realize that they’re rational, economic actors. The Obama administration seems to understand this. The White House has been strategically releasing photos of the Obamas in an attempt to drive down the value of paparazzi shots. The avalanche of Obama photos recently released to celebrate the administration’s 100-day anniversary will have saturated the market even further. Hollywood celebrities certainly manipulate the paparazzi market to their advantage as well. And if you want to get in on the act, you can even phone up your own local paparazzo-for-hire. (HT: David K. Greene) [%comments]