Market Mechanisms for Trading Grid Resources

• Published in: Grid Economics and Business Models pp. 58 - 72
• Main Authors: Courcoubetis, Costas, Dramitinos, Manos, Rayna, Thierry, Soursos, Sergios, Stamoulis, George D.
• Format: Book Chapter
• Language: English
• Published: Berlin, Heidelberg Springer Berlin Heidelberg
• Series: Lecture Notes in Computer Science
• Subjects: bid and ask; futures; grid market; Market mechanism; spot
• ISBN: 3540854843; 9783540854845
• ISSN: 0302-9743; 1611-3349
• DOI: 10.1007/978-3-540-85485-2_5

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.