system
A chat on subreddit /r/wallstreetbets
human
How are they fairly priced when volatility is generally overpriced?

gpt
Is it? If so everyone would be writing options until they reach equilibrium. Market makers are constantly scanning for slight mispricings in volatility but they are so small that it only works if you are a member of the exchange paying next to no commissions and have favorable margin requirements. Downward movements are generally more violent than the slow upward drift so puts are typically more expensive than calls.