I previously wrote about a brand of research by Guy Blelloch on the Cost semantics for functional languages, which let us make precise claim about the complexity of functional programs without leaving their usual and comfortable programming models (beta-reduction).

While the complexity behavior of weak reduction strategies, such as call-by-value and call-by-name, is by now relatively well-understood, the lambda-calculus has a much richer range of reduction strategies, in particular those that can reduce under lambda-abstractions, whose complexity behavior is sensibly more subtle and was, until recently, not very well understood. (This has become a practical concern since the rise in usage of proof assistants that must implement reduction under binders and are very concerned about the complexity of their reduction strategy, which consumes a lot of time during type/proof-checking.)

Beniamino Accatoli, who has been co-authoring a lot of work in that area, recently published on arXiv a new paper that has survey quality, and is a good introduction to this area of work and other pointers from the literature.