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A Marketplace and its Market Mechanism for Trading Commoditized Computing Resources

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Author Info

  • Jorn Altmann

    ()

  • Costas Courcoubetis

    ()

  • Marcel Risch

    ()
    (Technology Management, Economics, and Policy Program (TEMEP), Seoul National University)

Abstract

This paper presents the design and implementation of the GridEcon Marketplace. In addition to supporting a market mechanism for trading computing resources on a pay-per-use basis, this marketplace also provides an environment for integrating value-added support services. These value-added services help consumers to use the utility computing market more efficiently. The GridEcon Market Mechanism for virtual machines specifies in detail the unit-of-trade, the bids and asks, as well as the matching algorithm. The marketplace and market mechanism are validated by using the GridEcon Platform, which is a service-oriented platform for composing market scenarios. Our validation results show that the GridEcon Marketplace fulfills all functional requirements and that the GridEcon Market Mechanism is computationally and economically efficient.

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Bibliographic Info

Paper provided by Seoul National University; Technology Management, Economics, and Policy Program (TEMEP) in its series TEMEP Discussion Papers with number 201059.

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Length: 30 pages
Date of creation: Mar 2010
Date of revision: Mar 2010
Publication status: Published in Annals of Telecommunications, Springer, 2010
Handle: RePEc:snv:dp2009:201059

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Related research

Keywords: Grid Economics; Cloud computing; computing resource market; market mechanism design; utility computing; Grid computing; simulation; market scenario emulation.;

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References

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  1. Marcel Risch & Jorn Altmann & Li Guo & Alan Fleming & Costas Courcoubetis, 2010. "The GridEcon Platform: A Business Scenario Testbed for Commercial Cloud Services," TEMEP Discussion Papers 201039, Seoul National University; Technology Management, Economics, and Policy Program (TEMEP), revised Jan 2010.
  2. de Palma, Andre & Marcucci, Edoardo & Niskanen, Esko & Wieland, Bernhard, 2005. "Introduction," European Transport \ Trasporti Europei, ISTIEE, Institute for the Study of Transport within the European Economic Integration, issue 31, pages 1-5.
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Cited by:
  1. Ivan Breskovic & Ivona Brandic & Jorn Altmann, 2013. "Maximizing Liquidity in Cloud Markets through Standardization of Computational Resources," TEMEP Discussion Papers 2013100, Seoul National University; Technology Management, Economics, and Policy Program (TEMEP), revised Feb 2013.
  2. Ivan Breskovic & Jorn Altmann & Ivona Brandic, 2012. "Creating Standardized Products for Electronic Markets," TEMEP Discussion Papers 201296, Seoul National University; Technology Management, Economics, and Policy Program (TEMEP), revised Sep 2012.

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