According to Einstein's Special Theory of Relativity, time passes slowly for an observer when the observer is near a gravitational source. So, if there are two observers, time passes slowly for the one whose distance from the gravitational source is less as compared to the other. So, time dilates for the lower observer in relation to the upload observer ( considering the case in a gravitational potential well). However, if the two observers are not allowed to communicate or see each other, they would never realize the time difference.
The direct result of the gravitational time dilation is gravitational redshift. For an upper observer, time passes more quickly than the lower one. If a ray of light travels out of the potential well, the ray would be redshifted for the upper observe ( because frequency of light is inversely proportional to time elapsed).
This means that the energy of the released photon decreases because E=hf.
However my intuition tells me that the energy only seems to decrease to the external observer as he is placed outside the photon's frame of reference.
Am I correct. ?