Huh? This is like: XOM is fairly valued, would you buy it? Depends on my risk needs and what I had in my portfolio.

You are confident that future returns on a particular equity will follow a random walk with implied volatility of 20%. The Black/Scholes formula tells you that on this assumption the price of a particular OTM put should be $5. Would you be willing to sell this option at this price? Explain your reasoning.

Many Thanks.