Review Article: Perspectives on the Future of Asset Pricing

The field of asset pricing is a rich and diverse discipline that has contributed to many areas of discourse, including those of fundamental importance to policy makers, investors, and households.1 As we look ahead during a time of substantial economic and political change, it is apparent that society faces many pressing questions, both new and old, that the field is uniquely suited to informing. To contribute to this conversation, the NBER Asset Pricing program convened a panel discussion on "Perspectives on the Future of Asset Pricing"at its November 8, 2019, meeting that took place at Stanford University. The objective of the panel was to identify some of the important questions the field could productively address in the next five to 10 years. The panelists, consisting of experts in several subfields of asset pricing, were invited to share their views on these questions with an eye toward innovative research topics that are ripe for exploring, and the metrics the field could be using to gauge progress. This article summarizes these views. The list of topics covered by the panelists is by no means exhaustive. We hope that this article shall nevertheless serve as a productive conduit for identifying some key questions for investigation and generating a concerted research effort toward answering them.