1. A method for predicting, by a video encoder, a high dynamic range (HDR) image element, said method comprising: receiving a low dynamic range (LDR) image element value for an image element; receiving a prediction operation indicator associated with a prediction shift value; scaling said LDR image element value via a binary shift operation, wherein the binary shift operation is based on said prediction shift value; and combining, by the video encoder, said scaled LDR image element value with said LDR image element value via an additive operation, wherein the additive operation is based on said prediction operation indicator thereby producing a prediction image value.