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Markets are efficient if and only if P = NP
Philip Z. Maymin
Finance and Risk Engineering
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Mathematics
Market
100%
If and only if
59%
Polynomial time
39%
Availability
26%
Excess
26%
Partitioning
24%
Momentum
23%
Converse
22%
Time series
22%
Prediction
19%
NP-complete problem
19%
Strategy
17%
Engineering & Materials Science
Polynomials
76%
Momentum
45%
Time series
42%
Availability
35%
Business & Economics
Polynomials
48%
Momentum Strategies
32%
NP-complete
31%
Prediction
20%