RAW – RAW files contain minimal data that has not been processed from the image sensor. Therefore they contain the full resolution from each of the camera’s image sensor pixels. This means that there is an extra stage of processing of these images that has to be carried out on the computer. While this may appear to be a disadvantage it gives better control over gamma correction, white balance, brightness, contrast etc.
TIFF – (Tag Image File Format) is a format used to exchange raster graphics (bitmap) images between application programs, for example scanner images. TIFF files can be classified as grey scale, colour palette or RGB full colour and can be included in files such as JPEG, LZW or CCITT Group 4 standard run-length image compression.
PSD – PSD is the format used by Adobe Photoshop which creates a layered image.The file allows the user to adjust these layers even after it has been saved.Then once completed the file can be saved as a JPEG, GIF, TIFF or any other non-proprietary file format – when in one of these formats it can be shared. However once the file has been saved in a different format you are not able to adjust the individual layers unless you are using the original PSD file.
JPEG – JPEG contains code which defines how an image is compressed into bytes and decompressed back into an image. However the file does not contain the stream of bytes that compress it. The file does contains sequence of segments that each begin with a marker. These markers signify the specific payload data that follows.