Grid Resource Allocation by Means of Option Contracts

Bossenbroek, A.; Tirado-Ramos, Alfredo; Sloot, Peter M. A.

doi:10.1109/jsyst.2008.2011255

Cited by 13 publications

(3 citation statements)

References 34 publications

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“…To address the risk of price fluctuation, Rahman [55] proposed an approach based on the financial option theory to address the risk of price variation. Bossenbroek et al [56] proposed an option contracts based approach to deal with the price volatility in the grid resources market. Toosi et al [57] proposed a financial option based approach to hedge the critical and risky situation in cloud resources allocation.…”

Section: Cloud Computing Derivativesmentioning

confidence: 99%

Using Financial Instruments to Transfer the Information Security Risks

Pandey

Snekkenes

2016

Future Internet

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For many individuals and organizations, cyber-insurance is the most practical and only way of handling a major financial impact of an information security event. However, the cyber-insurance market suffers from the problem of information asymmetry, lack of product diversity, illiquidity, high transaction cost, and so on. On the other hand, in theory, capital market-based financial instruments can provide a risk transfer mechanism with the ability to absorb the adverse impact of an information security event. Thus, this article addresses the limitations in the cyber-(re)insurance markets with a set of capital market-based financial instruments. This article presents a set of information security derivatives, namely options, vanilla options, swap, and futures that can be traded at an information security prediction market. Furthermore, this article demonstrates the usefulness of information security derivatives in a given scenario and presents an evaluation of the same in comparison with cyber-insurance. In our analysis, we found that the information security derivatives can at least be a partial solution to the problems in the cyber-insurance markets. The information security derivatives can be used as an effective tool for information elicitation and aggregation, cyber risk pricing, risk hedging, and strategic decision making for information security risk management.

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Section: Cloud Computing Derivativesmentioning

confidence: 99%

Using Financial Instruments to Transfer the Information Security Risks

Pandey

Snekkenes

2016

Future Internet

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“…Stuer et al [58] adapted Smale's method [57] to price resources in grid computing markets. Bossenbroek et al [8] introduced option contracts into the market and used hedge strategies to reduce consumers' risk of missing task deadlines. Auction-based pricing in grid computing contains several different forms.…”

Section: Related Workmentioning

confidence: 99%

A Consumer-Centric Market for Database Computation in the Cloud

Wang,

Meliou,

Miklau

2016

Preprint

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The availability of public computing resources in the cloud has revolutionized data analysis, but requesting cloud resources often involves complex decisions for consumers. Under the current pricing mechanisms, cloud service providers offer several service options and charge consumers based on the resources they use. Before they can decide which cloud resources to request, consumers have to estimate the completion time and cost of their computational tasks for different service options and possibly for different service providers. This estimation is challenging even for expert cloud users.We propose a new market-based framework for pricing computational tasks in the cloud. Our framework introduces an agent between consumers and cloud providers. The agent takes data and computational tasks from users, estimates time and cost for evaluating the tasks, and returns to consumers contracts that specify the price and completion time. Our framework can be applied directly to existing cloud markets without altering the way cloud providers offer and price services. In addition, it simplifies cloud use for consumers by allowing them to compare contracts, rather than choose resources directly. We present design, analytical, and algorithmic contributions focusing on pricing computation contracts, analyzing their properties, and optimizing them in complex workflows. We conduct an experimental evaluation of our market framework over a real-world cloud service and demonstrate empirically that our market ensures three key properties: (a) that consumers benefit from using the market due to competitiveness among agents, (b) that agents have an incentive to price contracts fairly, and (c) that inaccuracies in estimates do not pose a significant risk to agents' profits. Finally, we present a fine-grained pricing mechanism for complex workflows and show that it can increase agent profits by more than an order of magnitude in some cases.

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“…For instance, a multiagent system for distributed manufacturing supply chain has been developed [9], while an agent-based distributed control system for workshop machines has been suggested to help cope with dynamic environments [10]. Agent networks are also very common for resources allocation using market mechanisms [11], [12].…”

Section: Job Allocation In Holonicmentioning

confidence: 99%

A New Agents-Based Model for Dynamic Job Allocation in Manufacturing Shopfloors

Owliya

Saadat²,

Anane

et al. 2012

IEEE Systems Journal

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Market-based mechanisms such as the contract net protocol (CNP) are very popular for dynamic job allocation in distributed manufacturing control and scheduling. The CNP can be deployed with different configurations of the system elements. Every configuration corresponds to a basic or a hybrid topology. The subject of topology is generally discussed in the field of "distributed systems." Inspired from the notion of topology in the distributed systems, this paper proposes a ring-like model as a competitor for the web-like CNP-based job allocation within the concept of holonic manufacturing systems. Details of the algorithm for scheduling and assignment of jobs to resources in the ring structure is presented and its performance is compared with both CNP-based distributed model, and the centralized conventional scheduling of a real manufacturing case study involving a major turbine production plant. Comparison of performance indicators such as time and cost of operations shows that the distributed models clearly outperform the conventional practice with meaningful impact on the production economy. As a possible implementation strategy, a hybrid switching model, composed of both competing models, is proposed.

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Grid Resource Allocation by Means of Option Contracts

Cited by 13 publications

References 34 publications

Using Financial Instruments to Transfer the Information Security Risks

Using Financial Instruments to Transfer the Information Security Risks

A Consumer-Centric Market for Database Computation in the Cloud

A New Agents-Based Model for Dynamic Job Allocation in Manufacturing Shopfloors

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