1. A method for predicting a high dynamic range image element, said method comprising: a) receiving low dynamic range (LDR) image data value for an image element; b) receiving an LDR prediction operation indicator; c) receiving a prediction operation indicator associated with a prediction shift value; d) scaling said LDR image element value with a binary shift operation corresponding to said prediction shift value when indicated by said prediction operation indicator; e) combining said scaled LDR image element value with said LDR image element value with an additive operation corresponding to said prediction operation indicator, thereby producing a prediction image value, when indicated by said LDR prediction operation.