The option-implied volatility is well-known as a measure for the risk-neutral future expected risk for the underlying asset. However, the market prices of options (across different strikes) imply different volatilities such that we form a volatility skew.
Doesn't this mean that the aggregated investor demand and supply per option price (of different strikes) show a different future expected risk? Is it reasonable to say that each point on the volatility skew represent different estimates of future expected risk and that there is disagreement amongst investors as to what is the "correct" future expected risk?
I am not only looking for an answer to my questions, open opinions and redirections to relevant concepts/sources are very welcome.
