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Vega
Vega measures the sensitivity of the price of an option to changes in volatility. A change in volatility will affect both calls and puts the same way. An increase in volatility will increase the prices of all the options on an asset, and a decrease in volatility causes all the options to decrease in value.
However, each individual option has its own vega and will react to volatility changes a bit differently. The impact of volatility changes is greater for at-the-money options than it is for the in- or out-of-the-money options. While vega affects calls and puts similarly, it does seem to affect calls more than puts. .
Notes and references
- http://www.investopedia.com/articles/optioninvestor/04/121604.asp
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