Balancing risk and reward in a market-based task service

Abstract

Abstract

A Grid Broker Pricing Mechanism for Temporal and Budget Guarantees

“…The SORMA project introduced two pricing schemes namely k-pricing [26,3] and the GREEDEX [28] clearing mechanism, though the most similar pricing mechanisms can be found in [6,23,14,5,1] where a service charge that diminishes once a job has passed a specified time is also used.…”

“…In [6,23,14,5] the focus is upon the minimum time for completion/slowdown and not upon the user preference for a completion time. It seems more suitable when considering user satisfaction to aim for a due date and hence when the user wants/needs the results rather than the minimum possible runtime for a given job.…”

“…In [6,23,14,5,1] a completion time and rate of loss of a jobs economic value is used. Our approach uses a due date and deadline which is seen as more user friendly than asking for a rate by which a job loses its economic worth.…”

“…In First Reward and Risk Reward [14] it is chosen to be only potentially bound and in LibraSLA [5] there is no bound at all. This unlimited penalty has issues as pricing mechanisms should have properties such as budget balance and individual rationality which unbound penalties preclude [25,26].…”

“…In [14] the concept of net present value is used so future work is discounted with the intent of ensuring that long jobs are penalised. They are seen as being potentially more risky as profit can only be achieved after they complete.…”