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Creating Standardized Products for Electronic Markets

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Author Info

  • Ivan Breskovic

    ()
    (Vienna University of Technology, Austria)

  • Jorn Altmann

    ()
    (College of Engineering, Seoul National University)

  • Ivona Brandic

    ()
    (Vienna University of Technology, Austria)

Abstract

Cloud computing is supposed to offer resources (i.e., data, software, and hardware services) in a manner similar to traditional utilities such as water, electricity, gas, and telephony. However, the current Cloud market is fragmented and static, preventing the successful implementation of ubiquitous computing on demand. In order to address the issue of fragmentation, commodity Cloud marketplaces have been suggested. However, as those marketplaces still suffer from being static (i.e., not being capable to adapt to changing market conditions and to the dynamics of user requirements for services), they do not operate at the optimal point. In this paper, we address this issue by channeling demand and supply into a few standardized services that are automatically adapted to user requirements in regular time intervals. For this, we utilize clustering algorithms and monitor the requirements of users. In order to avoid any cost to the user through these adaptations, we automatically adapt service level specifications of users to newly defined standardized goods. Using a simulation framework, we evaluate our approach and show its benefits to end users.

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File URL: ftp://147.46.237.98/DP-96.pdf
File Function: First version, 2012
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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 201296.

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Length: 27 pages
Date of creation: Sep 2012
Date of revision: Sep 2012
Publication status: Published in Future Generation Computer Systems, The International Journal of Grid Computing and eScience.
Handle: RePEc:snv:dp2009:201296

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Related research

Keywords: Service Level Agreement; SLA Management; SLA Matching; Electronic Markets; Cloud Economics; Autonomic Computing; Standardized Goods; Commodity Goods; Market Modeling; Market Liquidity; Computing Resource Market.;

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References

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  1. Marcel Risch & Jorn Altmann, 2009. "Enabling Open Cloud Markets Through WS-Agreement Extensions," TEMEP Discussion Papers 200920, Seoul National University; Technology Management, Economics, and Policy Program (TEMEP), revised Oct 2009.
  2. Ashraf Bany Mohammed & Jorn Altmann & Junseok Hwang, 2010. "Cloud Computing Value Chains Understanding Businesses and Value Creation in the Cloud," TEMEP Discussion Papers 201061, Seoul National University; Technology Management, Economics, and Policy Program (TEMEP), revised Jun 2010.
  3. Michael Maurera & Vincent C. Emeakarohaa & Ivona Brandica & Jorn Altmann, 2011. "Cost–Benefit Analysis of an SLA Mapping Approach for Defining Standardized Cloud Computing Goods," TEMEP Discussion Papers 201177, Seoul National University; Technology Management, Economics, and Policy Program (TEMEP), revised Jul 2011.
  4. Jorn Altmann & Costas Courcoubetis & Marcel Risch, 2010. "A Marketplace and its Market Mechanism for Trading Commoditized Computing Resources," TEMEP Discussion Papers 201059, Seoul National University; Technology Management, Economics, and Policy Program (TEMEP), revised Mar 2010.
  5. Schnizler, Bjorn & Neumann, Dirk & Veit, Daniel & Weinhardt, Christof, 2008. "Trading grid services - a multi-attribute combinatorial approach," European Journal of Operational Research, Elsevier, vol. 187(3), pages 943-961, June.
  6. 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.
  7. Marcel Risch & Ivona Brandic & Jorn Altmann, 2009. "Using SLA Mapping to Increase Market Liquidity," TEMEP Discussion Papers 200937, Seoul National University; Technology Management, Economics, and Policy Program (TEMEP), revised Oct 2009.
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