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Smart homes promise to improve the quality of life of residents. However, they collect vasts amounts of personal and sensitive data, making privacy protection critically important. We propose a framework, called PRASH, for modeling and analyzing the privacy risks of smart homes. It is composed of three modules a system model, a threat model, and a set of privacy metrics, which together are used for calculating the privacy risk exposure of a smart home system. By representing a smart home through a formal specification, PRASH allows for e