A Real Options Model for Risk Hedging in Grid Computing Scenarios
HICSS '09 Proceedings of the 42nd Hawaii International Conference on System Sciences
Future Generation Computer Systems
GRID '08 Proceedings of the 2008 9th IEEE/ACM International Conference on Grid Computing
A Novel Cloud Market Infrastructure for Trading Service
ICCSA '09 Proceedings of the 2009 International Conference on Computational Science and Its Applications
Communications of the ACM
From infrastructure delivery to service management in clouds
Future Generation Computer Systems
Dynamic Resource Pricing on Federated Clouds
CCGRID '10 Proceedings of the 2010 10th IEEE/ACM International Conference on Cluster, Cloud and Grid Computing
The reservoir model and architecture for open federated cloud computing
IBM Journal of Research and Development
Combining Futures and Spot Markets: A Hybrid Market Approach to Economic Grid Resource Management
Journal of Grid Computing
Reserved or On-Demand Instances? A Revenue Maximization Model for Cloud Providers
CLOUD '11 Proceedings of the 2011 IEEE 4th International Conference on Cloud Computing
Resource Provisioning Policies to Increase IaaS Provider's Profit in a Federated Cloud Environment
HPCC '11 Proceedings of the 2011 IEEE International Conference on High Performance Computing and Communications
Comparing VM-Placement Algorithms for On-Demand Clouds
CLOUDCOM '11 Proceedings of the 2011 IEEE Third International Conference on Cloud Computing Technology and Science
Statistical Modeling of Spot Instance Prices in Public Cloud Environments
UCC '11 Proceedings of the 2011 Fourth IEEE International Conference on Utility and Cloud Computing
ICA3PP'10 Proceedings of the 10th international conference on Algorithms and Architectures for Parallel Processing - Volume Part I
Pure exchange markets for resource sharing in federated clouds
Concurrency and Computation: Practice & Experience
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Pay-per-use service by Cloud service providers has attracted customers in the recent past and is still evolving. Since the resources being dealt within Clouds are non-storable and the physical resources need to be replaced very often, pricing the service in a way that would return profit on the initial capital investments to the service providers has been a major issue. Moreover, to maintain Quality of Service (QoS) to customers who reserve the resources in advance and may or may not be using the resources at a future date makes the resources wasted, if not allocated to other on-demand users. Therefore, a need for a mechanism to guarantee the resources to reserved users whenever they need them, while keeping the resources busy all the time is in very high demand. The concept of federation of Cloud service providers has been proposed in the past wherein resources are traded between the providers whenever need arises. We propose a financial option based Cloud resources pricing model to address the above situation. This model allows a provider to hedge the critical and risky situation of reserved users requesting the resources while all the resources have been allocated to other users, by trading (buying or outsourcing) resources from other service providers in the Cloud federation. We show that using financial option based contracts between Cloud providers in a Cloud federation, providers are able to enhance profit and acquire the needed resources at any given time. It would also help creating a trust and goodwill from the clients on the Cloud service providers by less number of QoS violation.