An 'asset' in economic theory is an output good which can

only be partially consumed (like a portable music player) or

input as a factor of production (like a cement mixer) which
can only be partially used up in production. The necessary
quality for an asset is that value remains after the period of
analysis so it can be used as a store of value. As such,
financial instruments like corporate bonds and common
stocks are assets because they store value for the next
period. If the good or factor is used up before the next
period, there would be nothing upon which to place a value.
As a result of this definition, assets only have
positive futures prices. This is analogous to the distinction
between consumer durables and non-durables. Durables
last more than one year. A classic durable is an automobile.
A classic non-durable is an apple, which is eaten and lasts
less than one year. Assets are that category of output which
economic theory places prices upon. In a
simple Walrasian equilibrium model, there is but a single
period and all items have prices. In a multi-period
equilibrium model, while all items have prices in the current
period. Only assets can survive into the next period and
thus only assets can store value and as a result, only assets
have a price today for delivery tomorrow. Items which
depreciate 100% by tomorrow have no price for delivery
tomorrow because by tomorrow it ceases to exist.

The subfield of asset pricing (or valuation) is the financial

evaluation of the value of such assets; the primary method
used by today's financial analysts is the discounted cash
flow method (DDM). Under the DDM, an asset's future cash
flows are either assumed to be known with certainty (as in
a Treasury Bond which is risk free) or estimated. These
future cash flows are discounting used present values.
The Flow of Funds tables from the Federal Reserve
System provide data about assets, which are tangible
assets and financial assets, and liabilities. The difference,
assets minus liabilites, is net worth.