Michael Eckhoff Precise Asymptotics of Small Eigenvalues of Reversible Diffusions in the Metastable Regime (442K, postscript) ABSTRACT. We investigate the connection between metastability and the spectrum near zero corresponding to the elliptic, second-order, differential operator $L_\e\equiv -\e\D+\nabla F\cdot\nabla$, $\e>0$, with $F:\R^d\to\R$. For generic $F$ to each local minimum of $F$ there corresponds an eigenvalue of $L_\e$ which converges to zero exponentially fast as $\e\downarrow 0$. Modulo errors of exponentially small order in $\e$ this eigenvalue is given as the inverse of the expected metastable relaxation time. The corresponding eigenstate, which may be viewed as a metastable state, is highly concentrated in the basin of attraction of this trap.