Market Mechanisms for Trading Grid Resources

Authors:
Costas Courcoubetis;Manos Dramitinos;Thierry Rayna;Sergios Soursos;George D. Stamoulis
Affiliations:
Network Economics and Services Group (N.E.S.), Department of Informatics, Athens University of Economics and Business (AUEB), Athens, Greece GR 10434;Network Economics and Services Group (N.E.S.), Department of Informatics, Athens University of Economics and Business (AUEB), Athens, Greece GR 10434;Internet Centre, Imperial College London, London, United Kingdom SW7 2AZ;Network Economics and Services Group (N.E.S.), Department of Informatics, Athens University of Economics and Business (AUEB), Athens, Greece GR 10434;Network Economics and Services Group (N.E.S.), Department of Informatics, Athens University of Economics and Business (AUEB), Athens, Greece GR 10434
Venue:
GECON '08 Proceedings of the 5th international workshop on Grid Economics and Business Models
Year:
2008

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Abstract

There has been recently an increasing interest in Grid services and economic-aware Grid systems both in the industry and the academia. In this paper we specify a market for hardware providers and consumers interested in leasing Grid resources for a time period. Our approach comprises a stock-market like mechanism that enables the trading of computational power on the basis of a spot and a futures market. The spot market comprises a pair of bid and ask queues. This grid market is more complicated than the standard spot/futures markets of storable commodities, because the computational service traded in our case comprises of resources that are perishable, and has both quantity and duration specified in terms of a time interval. This is an important feature of our market mechanism, complicating considerably the trading algorithms that we develop and assess in this paper.