Markets are efficient if and only if P = NP (2010)

But markets are not efficient ...

Now this will degenerate into a fight between economists and computer scientists...

P = NP when you nail it.

From the paper: "if markets are weak-form efficient, meaning current prices fully reflect all information available in past prices, then P = NP, meaning every computational problem whose solution can be verified in polynomial time can also be solved in polynomial time. I also prove the converse by showing how we can "program" the market to solve NP-complete problems.

However, there has been no proof that there does not exist some algorithm that can determine satisfiability in polynomial time. If such an algorithm were found, then we would have that P = NP. If a proof is discovered that no such algorithm exists, then we would have that P ≠ NP. Just as most people in the field of finance believe markets are at least weak-form efficient, most computer scientists believe P ≠ NP. Gasarch (2002) reports that of 100 respondents to his poll of various theorists who are “people whose opinions can be taken seriously,” the majority thought the ultimate resolution to the question would be that P ≠ NP; only 9 percent thought the ultimate resolution would be that P = NP. The majority of financial academics believe in weak form efficiency and the majority of computer scientists believe that P ≠ NP. The result of this paper is that they cannot both be right: either P = NP and the markets are weakly efficient, or P ≠ NP and the markets are not weakly efficient. "

is it really so much to ask to read the one paragraph abstract before making a comment like this?

What kind of markets get created when the input to the NP problem is 2^10000, I think our idea of markets are based on small scale transactions and extrapolations can't take into account intelligent agents. Also Arrow's theorem hints how small formals systems can't achieve agents desires. Anyway, I have only read the title not the arxig paper.