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Survey on the Application of Economic and Market Theory for Grid Computing
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Author(s): Xia Xie (Huazhong University of Science and Technology, China), Jin Huang (Huazhong University of Science and Technology, China), Song Wu (Huazhong University of Science and Technology, China), Hai Jin (Huazhong University of Science and Technology, China), Melvin Koh (Asia Pacific Science & Technology Center, Sun Microsystems, Singapore), Jie Song (Asia Pacific Science & Technology Center, Sun Microsystems, Singapore)and Simon See (Asia Pacific Science & Technology Center, Sun Microsystems, Singapore)
Copyright: 2012
Pages: 19
Source title:
Grid and Cloud Computing: Concepts, Methodologies, Tools and Applications
Source Author(s)/Editor(s): Information Resources Management Association (USA)
DOI: 10.4018/978-1-4666-0879-5.ch711
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Abstract
In this chapter, we present a survey on some of the commercial players in the Grid industry, existing research done in the area of market-based Grid technology and some of the concepts of dynamic pricing model that we have investigated. In recent years, it has been observed that commercial companies are slowly shifting from owning their own IT assets in the form of computers, software and so forth, to purchasing services from utility providers. Technological advances, especially in the area of Grid computing, have been the main catalyst for this trend. The utility model may not be the most effective model and the price still needs to be determined at the point of usage. In general, market-based approaches are more efficient in resource allocations, as it depends on price adjustment to accommodate fluctuations in the supply and demand. Therefore, determining the price is vital to the overall success of the market.
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