A marketplace and its market mechanism for trading commoditized computing resources

Altmann, Jörn; Courcoubetis, Costas; Risch, Marcel

doi:10.1007/s12243-010-0183-1

Cited by 18 publications

(5 citation statements)

References 18 publications

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“…The definition of the unit of trade and the definition of bids and asks is based on Altmann et al (2008) and Altmann et al (2010). Different market mechanisms can be used for trading.…”

Section: Market Mechanism For Trading Renewable Powermentioning

confidence: 99%

The Development of Renewable Energy Sources and its Significance for the Environment

Heshmati

Abolhosseini

Altmann

2015

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“…The definition of the unit of trade and the definition of bids and asks is based on Altmann et al (2008) and Altmann et al (2010). Different market mechanisms can be used for trading.…”

Section: Market Mechanism For Trading Renewable Powermentioning

confidence: 99%

The Development of Renewable Energy Sources and its Significance for the Environment

Heshmati

Abolhosseini

Altmann

2015

Self Cite

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“…Several research projects have discussed the implementation of system resource markets [1], [14], [31]- [33], [38]. GRACE developed a market architecture for grid markets and outlined a market mechanism, while the good itself (i.e., computing resource) has not been defined [14].…”

Section: Cloud Markets In Researchmentioning

confidence: 99%

“…GridEcon proposed a commodity market for cloud computing services [1], [38]. Although an explicit service level agreement for standardized cloud services [37], the cloud service requirements, and the requirements for trading have been defined and specified, the issue of adaptation of standardized goods has not been addressed.…”

Section: Cloud Markets In Researchmentioning

confidence: 99%

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Maximizing Liquidity in Cloud Markets through Standardization of Computational Resources

Breskovic

Brandić

Altmann

2013

2013 IEEE Seventh International Symposium on Service-Oriented System Engineering

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Abstract-Low liquidity in cloud markets can result in market instability and inefficiency, preventing the successful implementation of ubiquitous computing on demand. To circumvent this issue, it has been suggested to channel demand and supply into a limited number of standardized services. These standardized services can even be automatically adapted to user requirements with the goal of continuously improving market performance. In this paper, we focus on answering how many standardized services should be placed in the market. This work is based on a new definition of liquidity for cloud resources, which in turn has been derived from liquidity definitions of financial markets. Using a simulation framework, we evaluate our method for estimating the optimal quantity of standardized services with respect to market liquidity and demonstrate the benefits of this approach in terms of increase in market efficiency and decrease in users' cost of participation in the market. The methods presented in this paper have the potential to be applied in other electronic markets as well.Keywords-Service level agreement, electronic markets, cloud economics, autonomic computing, standardized goods, market modeling, market liquidity, IT services I. INTRODUCTION Common to utility computing, cloud computing and grid computing is that they offer computational resources (e.g., software, hardware and computing platform services) in a manner similar to utilities, such as water, electricity and telephony, without regard to where the services are hosted or how they are delivered [4], [15]. However, the current cloud market is fragmented and static, hindering the paradigm's ability to fulfill its promise of ubiquitous computing on demand and as a commodity. In order to address this issue, electronic markets for trading and/or allocating computational resources (i.e., grid and cloud services) have been proposed [1], [38].In cloud markets, computational services are described by service parameters and quality of service (QoS) objectives. Each setting of a service, i.e., configuration of parameters, desired values of QoS objectives, and combinations of these elements, defines a new service (also called "computational resource"). Due to a great number of available settings, markets suffer from a vast diversity and heterogeneity of computational resources.In addition to this, computational resources are characterized by a high dynamism and a high fungibility. Resource dynamism is a result of a large resource variability, a dynamic user base, diverse user behavior in the market, and the

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“…Works related to systems for market-making such as GridEcon [18], SORMA [19], and Mandi [5], as well as the works by Song et al [20], Mihailescu and Teo [21], Gomes et al [22], and Vanmechelen et al [23] concern mechanisms for creating markets, trading resources (e.g., auctions or fixed price), and also mechanisms to motivate market maintenance, i.e., study and development of techniques that motivate both resource providers and resource consumers to join and stay in the market.…”

Section: Markets For Computing Resourcesmentioning

confidence: 99%

A coordinator for scaling elastic applications across multiple clouds

Calheiros

Toosi

Vecchiola

et al. 2012

Future Generation Computer Systems

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A marketplace and its market mechanism for trading commoditized computing resources

Cited by 18 publications

References 18 publications

The Development of Renewable Energy Sources and its Significance for the Environment

The Development of Renewable Energy Sources and its Significance for the Environment

Maximizing Liquidity in Cloud Markets through Standardization of Computational Resources

A coordinator for scaling elastic applications across multiple clouds

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