A New Order-theoretic Characterisation of the Polytime Computable   Functions
  We propose a new order, the small polynomial path order (sPOP* for short). The order sPOP* provides a characterisation of the class of polynomial time computable function via term rewrite systems. Any polynomial time computable function gives rise to a rewrite system that is compatible with sPOP*. On the other hand any function defined by a rewrite system compatible with sPOP* is polynomial time computable. Technically sPOP* is a tamed recursive path order with product status. Its distinctive feature is the precise control provided. For any rewrite system that is compatible with sPOP* that makes use of recursion up to depth d, the (innermost) runtime complexity is bounded from above by a polynomial of degree d. 
Martin Avanzini and Naohi Eguchi and Georg Moser
cs.CC