ABSTRACT: In “Disagreement, Tastes, and Asset Prices,” Fama and French argue that the assumptions of standard asset pricing models, such as the Capital Asset Pricing Model (CAPM), are unrealistic and that both ‘disagreement’ and ‘tastes’ affect asset pricing. The Popularity Asset Pricing Model (PAPM) is a generalized equilibrium model that builds on the familiar CAPM but relaxes these two...