3 ms·
Markets are Efficient if and Only if P = NP
- ColinWright 15y agoDiscussed at considerable length a month ago: http://news.ycombinator.com/item?id=2895474 http://news.ycombinator.com/item?id=2895474 At that time I said this: It feels to me that all he's done is show that the "instantly" in the usual definition of markets being "efficient" is a nonsense. Prices must take time to compute, you can't know the correct price instantly even with access to all the past information. He proves that, but it doesn't seem that surprising to me. http://news.ycombinator.com/item?id=2895531 http://news.ycombinator.com/item?id=2895531 That was expanded on a great deal, and other observations made. There was also an earlier version of the paper submitted some 19 months ago, also with a great deal of discussion: http://news.ycombinator.com/item?id=1144548 http://news.ycombinator.com/item?id=1144548
- newscasta 15y agoThanks for this, I should have searched before posting.