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Creating Standardized Products for Electronic Markets

Author

Listed:
  • 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.

Suggested Citation

  • 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.
  • Handle: RePEc:snv:dp2009:201296
    as

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    File URL: http://temep-repec.my-groups.de/DP-96.pdf
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    References listed on IDEAS

    as
    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. 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.
    3. 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.
    4. 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.
    5. 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.
    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. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

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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. Kibae Kim & Songhee Kang & Jorn Altmann, 2014. "Cloud Goliath Versus a Federation of Cloud Davids: Survey of Economic Theories on Cloud Federation," TEMEP Discussion Papers 2014117, Seoul National University; Technology Management, Economics, and Policy Program (TEMEP), revised Jul 2014.
    3. Netsanet Haile & Jörn Altmann, 2017. "Evaluating Investments in Portability and Interoperability between Software Service Platforms," TEMEP Discussion Papers 2017136, Seoul National University; Technology Management, Economics, and Policy Program (TEMEP), revised May 2017.
    4. Azamat Uzbekov & Jörn Altmann, 2016. "Enabling Business-Preference-Based Scheduling of Cloud Computing Resources," TEMEP Discussion Papers 2016134, Seoul National University; Technology Management, Economics, and Policy Program (TEMEP), revised Apr 2017.
    5. Netsanet Haile & Jorn Altmann, 2015. "Value Creation in Software Service Platforms," TEMEP Discussion Papers 2015123, Seoul National University; Technology Management, Economics, and Policy Program (TEMEP), revised Sep 2015.

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    More about this item

    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.;
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • L15 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Information and Product Quality
    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software
    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management

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