Towards a reusable and executable pricing model in the internet of services

Abstract

The Internet of Services envisions the trading of services where pricing information is an important aspect to enable cost comparisons. So far, there is a lack of a comprehensive pricing model that can be reused in different settings. XML-based electronic product catalogs are not comprehensive enough and established enterprise applications or billing engines bury their pricing model in the source code. Therefore, we present a directly applicable pricing model in the form of an ontology. We also contribute a runtime environment that determines the price on the basis of a contextaware declarative service description.