This phenomenon is well known and it occurs when the difference in IQ between the two parties attempting communication is greater than 80 points, and the higher IQ party does not "adjust" to take into account the shortcomings of the lesser party.
but the problem is that neither party beforehand knows whether he/she possess the higher or lower IQ. So, how does he/she know whether to adjust up- or downwards? Though, ironically, most of the times the one with the higher IQ possesses sufficient confidence to humble him/herself (though many notable exceptions exist) and regards him/herself of the lesser IQ due to benefit of doubt, while the opposite applies to the one with the lower IQ. ;-)
The higher IQ party always knows who the baboon is. Continued communication with baboons is a chore, but sometimes is done for entertainment purposes or ego boosting (or with predatory purposes).
I challenge anyone here to point to a market with a skew large enough to cover commission and slippage. It doesn't exit. An edge cannot be obtained just from the skew.
I disagree. I personally know of an ex-coworker who exclusively trades Kospi index option skew and who generates a very decent p&l off the back of his pricing models and views.