The paparazzi also manage their idiosyncratic risk by spreading it around. This is what they are doing when they form an alliance or work in teams. Each photographer bears lots of risk based on how lucky he is that day: if he catches a celebrity with her latest paramour in public; if the celebrity leaves a trendy restaurant through the back door where the photographer happens to be standing. A paparazzi alliance pools their luck, reducing their idiosyncratic risk. This means more stable income because it increases the odds of getting the right shot. However, the incentive to cheat constantly
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