A Microeconomic Approach to Optimal Resource Allocation in Distributed Computer Systems
IEEE Transactions on Computers
Spawn: A Distributed Computational Economy
IEEE Transactions on Software Engineering
Economic models for allocating resources in computer systems
Market-based control
Principles of Corporate Finance with Cdrom
Principles of Corporate Finance with Cdrom
Mariposa: a wide-area distributed database system
The VLDB Journal — The International Journal on Very Large Data Bases
User-Centric Performance Analysis of Market-Based Cluster Batch Schedulers
CCGRID '02 Proceedings of the 2nd IEEE/ACM International Symposium on Cluster Computing and the Grid
Market-based Proportional Resource Sharing for Clusters
Market-based Proportional Resource Sharing for Clusters
The application of microeconomics to the design of resource allocation and control algorithms
The application of microeconomics to the design of resource allocation and control algorithms
The utility business model and the future of computing services
IBM Systems Journal
Libra: a computational economy-based job scheduling system for clusters
Software—Practice & Experience
Balancing Risk and Reward in a Market-Based Task Service
HPDC '04 Proceedings of the 13th IEEE International Symposium on High Performance Distributed Computing
OnCall: Defeating Spikes with a Free-Market Application Cluster
ICAC '04 Proceedings of the First International Conference on Autonomic Computing
Profitable services in an uncertain world
SC '05 Proceedings of the 2005 ACM/IEEE conference on Supercomputing
Markets are dead, long live markets
ACM SIGecom Exchanges
Using a market economy to provision compute resources across planet-wide clusters
IPDPS '09 Proceedings of the 2009 IEEE International Symposium on Parallel&Distributed Processing
Consistency rationing in the cloud: pay only when it matters
Proceedings of the VLDB Endowment
Profit-Driven Service Request Scheduling in Clouds
CCGRID '10 Proceedings of the 2010 10th IEEE/ACM International Conference on Cluster, Cloud and Grid Computing
Runtime measurements in the cloud: observing, analyzing, and reducing variance
Proceedings of the VLDB Endowment
CloudPack* exploiting workload flexibility through rational pricing
Proceedings of the 13th International Middleware Conference
Cost minimization for computational applications on hybrid cloud infrastructures
Future Generation Computer Systems
Deconstructing Amazon EC2 Spot Instance Pricing
ACM Transactions on Economics and Computation
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The recent cloud computing paradigm represents a trend of moving business applications to platforms run by parties located in different administrative domains. A cloud platform is often highly scalable and cost-effective through its pay-as-you-go pricing model. However, being shared by a large number of users, the running of applications in the platform faces higher performance uncertainty compared to a dedicated platform. Existing Service Level Agreements (SLAs) cannot sufficiently address the performance variation issue. In this paper, we use utility theory leveraged from economics and develop a new utility model for measuring customer satisfaction in the cloud. Based on the utility model, we design a mechanism to support utility-based SLAs in order to balance the performance of applications and the cost of running them. We consider an infrastructure-as-a-service type cloud platform (e.g., Amazon EC2), where a business service provider leases virtual machine (VM) instances with spot prices from the cloud and gains revenue by serving its customers. Particularly, we investigate the interaction of service profit and customer satisfaction. In addition, we present two scheduling algorithms that can effectively bid for different types of VM instances to make tradeoffs between profit and customer satisfaction. We conduct extensive simulations based on the performance data of different types of Amazon EC2 instances and their price history. Our experimental results demonstrate that the algorithms perform well across the metrics of profit, customer satisfaction and instance utilization.