The weak call-by-value λ-calculus is reasonable for both time and space

We study the weak call-by-value $\lambda$-calculus as a model for computational complexity theory and establish the natural measures for time and space -- the number of beta-reductions and the size of the largest term in a computation -- as reasonable measures with respect to the invariance thesis of Slot and van Emde Boas [STOC 84]. More precisely, we show that, using those measures, Turing machines and the weak call-by-value $\lambda$-calculus can simulate each other within a polynomial overhead in time and a constant factor overhead in space for all computations that terminate in (encodings) of 'true' or 'false'. We consider this result as a solution to the long-standing open problem, explicitly posed by Accattoli [ENTCS 18], of whether the natural measures for time and space of the $\lambda$-calculus are reasonable, at least in case of weak call-by-value evaluation. Our proof relies on a hybrid of two simulation strategies of reductions in the weak call-by-value $\lambda$-calculus by Turing machines, both of which are insufficient if taken alone. The first strategy is the most naive one in the sense that a reduction sequence is simulated precisely as given by the reduction rules; in particular, all substitutions are executed immediately. This simulation runs within a constant overhead in space, but the overhead in time might be exponential. The second strategy is heap-based and relies on structure sharing, similar to existing compilers of eager functional languages. This strategy only has a polynomial overhead in time, but the space consumption might require an additional factor of $\log n$, which is essentially due to the size of the pointers required for this strategy. Our main contribution is the construction and verification of a space-aware interleaving of the two strategies, which is shown to yield both a constant overhead in space and a polynomial overhead in time.