Friday, October 28     10:00 - 10:15am   Opening Remarks. Finn Kydland / Peter Kuhn 10:15 - 11:30am   William Goetzmann (Yale) and Roger Ibbotson (Yale), History and the Equity Risk Premium / (Goetzmann presenting) Discussant Stephen LeRoy (UCSB) 11:30 - 11:45am   Break 11:45am - 1:00pm   Gurdip Bakshi (Maryland) and Zhiwu Chen (Yale), Cash Flow Risk, Discounting Risk, and the Equity Premium Puzzle / (Bakshi presenting) Discussant: Lior Menzly (Vega) 1:00 - 2:30pm   Lunch, Faculty Club 2:30 - 3:45pm   Kjetil Storesletten (U Oslo), Chris Telmer (CMU) and Amir Yaron (Wharton), Asset Prices and Intergenerational Risk Sharing: the Role of Idiosyncratic Earnings Shocks (Yaron presenting) Discussant: Stan Zin (CMU) 3:45 - 4:00pm   Break 4:00 - 5:15pm   Nicholas Barberis (Yale) and Ming Huang (Cornell), The Loss Aversion / Narrow Framing Approach to the Equity Premium Puzzle (Barberis presenting) Discussant: Ravi Jagannathan (Northwestern) 5:15 - 7:00pm   Unscheduled 7:00 - 8:00pm   Cocktails at Wine Cask 8:00pm   Dinner at Wine Cask (http://www.winecask.com)       Saturday, October 29     9:00 - 10:15am   Ravi Bansal (Duke), Risk Compensation in Equity Markets? Discussant: John Heaton (Chicago) 10:15 - 10:30am   Break 10:30 - 11:45am   John Heaton (U Chicago) and Debbie Lucas (Kellogg Northwestern), Can Heterogeneity, Undiversifiable Risk, and Trading Frictions Explain the Equity Premium? (Lucas presenting) Discussant: Kjetil Storesletten (U Oslo) 11:45am - 1:00pm   George Constantinides (U Chicago), Understanding the Equity Risk Premium Puzzle Discussant: Hanno Lustig (UCLA) 1:00 - 2:30pm   Lunch 2:30 - 4:30pm   Panel Discussion: The Equity Premium: What have we learned in 20 years? Chair: Edward Prescott (Arizona State) Panel: Rajnish Mehra (UCSB)            Martin Weitzman (Harvard) 3:30 - 4:30pm   Open to the floor