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Market Mechanisms for Trading Grid Resources

Costas Courcoubetis, Manos Dramitinos, Thierry Rayna, Sergios Soursos, Georges D. Stamoulis

Book Chapter
5th International Workshop, GECON 2008, Las Palmas de Gran Canaria, Spain, August 26, 2008
Grid Economics and Business Models
Lecture Notes in Computer Science
Volume 5206
pp.52–72
August, 2008
Springer Berlin / Heidelberg
ISBN 978-3-540-85484-5
DOI 10.1007/978-3-540-85485-2_5
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.

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