Relative prices of far out-of-the-money calls and puts are set by a single tail index α once an anchor option price is given, assuming a Pareto tail.
Gatheral, The Volatility Surface: a Practitioner’s Guide
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Tail Option Pricing Under Power Laws
Relative prices of far out-of-the-money calls and puts are set by a single tail index α once an anchor option price is given, assuming a Pareto tail.