Spawn: A Distributed Computational Economy
IEEE Transactions on Software Engineering
The POPCORN market—an online market for computational resources
Proceedings of the first international conference on Information and computation economies
Future Generation Computer Systems - Special issue on metacomputing
Computers and Intractability: A Guide to the Theory of NP-Completeness
Computers and Intractability: A Guide to the Theory of NP-Completeness
Utilizing the Metaserver Architecture in the Ninf Global Computing System
HPCN Europe 1998 Proceedings of the International Conference and Exhibition on High-Performance Computing and Networking
Predicting Application Run Times Using Historical Information
IPPS/SPDP '98 Proceedings of the Workshop on Job Scheduling Strategies for Parallel Processing
Management Science
Analyzing Market-Based Resource Allocation Strategies for the Computational Grid
International Journal of High Performance Computing Applications
A Market Design for Grid Computing
INFORMS Journal on Computing
Risk hedging in storage grid markets: Do options add value to forwards?
ACM Transactions on Management Information Systems (TMIS)
Risk Management and Optimal Pricing in Online Storage Grids
Information Systems Research
Cloud Computing Operations Research
Service Science
Efficient Risk Hedging by Dynamic Forward Pricing: A Study in Cloud Computing
INFORMS Journal on Computing
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Although significant technical advances have been made in the commercial deployment of grid computing, the pricing and allocation of distributed computing resources remains understudied. We develop a customized clock auction that is able to allocate grid resources and discover separate prices for the different computing resources under the condition that buyers do not know with certainty how much of these resources they will need. The proposed clock auction facilitates the discovery of unit prices for the resources in each time period in a finite-horizon market. Our mechanism exploits the lopsided nature of the grid market where a small number of large-scale jobs are expected to be completed by a large number of heterogeneous, distributed machines. The traditional stopping rule used for clock auctions is not effective in our setting, and therefore we design several adaptations that can be implemented in real time, geared toward ending the auction process quickly while producing a close-to-efficient allocation. Our extensive computations show that our clock-and-offer auction outperforms the traditional clock auction in terms of computational tractability, social welfare, and expected bidder's utility. For large problems of practical interest, we develop a transportation-based heuristic for the NP-complete bid feasibility problem and demonstrate theoretically and computationally that it quickly produces high-quality solutions to the overall problem.