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Keeping in mind the mistake in the HN title (should be "P != NP"), the interesting part of the abstract is this:

> Combined with Maymin (2011), who proved that market efficiency requires P = NP, this yields a fundamental impossibility: markets can be informationally efficient or competitive, but not both.

(Note that Maymin is the author of both papers.)

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Yet neither paper seems to eliminate the case of markets being neither. So both titles are incorrect.

Yeah using time complexity for computers to describe markets is simultaneously awesome and stupid.

The idea that markets are an optimizing algorithm is kinda old already, and well established.

Both papers seem to be jokes about it, based on complete caricatures of competitiveness and efficiency. It's kinda like a recent paper that was posted here proving "general intelligence" impossible while ignoring that humans exist.

Except Maymin 2011 fails to even establish that his narrow definition of "markets are efficient" (specifically, finding a profitable technical analysis) is actually in NP.

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