Leaving aside the psychology for a moment, and assuming the market prices the stock correctly before employee's are allowed to exercise their options, doesn't t

Leaving aside the psychology for a moment, and assuming the market prices the stock correctly before employee's are allowed to exercise their options, doesn't that mean they would get the same amount, regardless of whether the IPO was high or low? Am I missing something? Bringing psychology back in, yes I can see how it would really tear people up to feel like they are "missing out," and the understanding that they are getting the "true value" is probably not much of a substitute. If the money in my bank account fluctuated daily, for reasons beyond my control, it would drive me right up the wall.