How do you know options skews aren't already pricing this factor in? Usually this effect is counterbalanced by the vol smile. Edit: vol smile is how options ver

How do you know options skews aren't already pricing this factor in? Usually this effect is counterbalanced by the vol smile. Edit: vol smile is how options very far away from the strike tend to be priced at a premium versus what black scholes would suggest. The sellers of these options demand a higher premium than "normal" to account for the fact that the data isn't actually normally distributed.