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A Marketplace and its Market Mechanism for Trading Commoditized Computing Resources

Author

Listed:
  • 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.

Suggested Citation

  • 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.
    • Handle: RePEc:snv:dp2009:201059
    as

    Download full text from publisher

    File URL: http://temep-repec.my-groups.de/DP-59.pdf
    File Function: First version, 2010
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    References listed on IDEAS

    as
    1. Bénédicte Vidaillet & V. d'Estaintot & P. Abécassis, 2005. "Introduction," Post-Print hal-00287137, HAL.
    2. Kevin Lai & Lars Rasmusson, 2005. "Tycoon: an Implementation of a Distributed, Market-based Resource Allocation System," Computing in Economics and Finance 2005 6, Society for Computational Economics.
    3. 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.
    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. 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.
    3. Netsanet Haile & Jorn Altmann, 2015. "Risk-Benefit-Mediated Impact of Determinants on the Adoption of Cloud Federation," TEMEP Discussion Papers 2015122, Seoul National University; Technology Management, Economics, and Policy Program (TEMEP), revised May 2015.
    4. Jorn Altmann & Mohammad Mahdi Kashef, 2014. "Cost Model Based Service Placement in Federated Hybrid Clouds," TEMEP Discussion Papers 2014116, Seoul National University; Technology Management, Economics, and Policy Program (TEMEP), revised Sep 2014.
    5. 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.

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    More about this item

    Keywords

    Grid Economics; Cloud computing; computing resource market; market mechanism design; utility computing; Grid computing; simulation; market scenario emulation.;
    All these keywords.

    JEL classification:

    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • 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
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • 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
    • L99 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Other
    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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