Yet neither paper seems to eliminate the case of markets being neither. So both titles are incorrect.
replyYeah using time complexity for computers to describe markets is simultaneously awesome and stupid.
replyThe idea that markets are an optimizing algorithm is kinda old already, and well established.
replyBoth 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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