† Corresponding author An e-Resource Trading Paradigm for Computational Grids

The concept of coupling internet-wide computational resources (high-end computers and low-end personal computing devices) to form a huge pool of compute resources that would provide cost-effective renting services is not new. Various approaches and economics have been initiated for the resource management in Grid, but so far no economic initiatives have been taken for creation of resource pool. Moreover the mechanisms proposed so far do not guarantee a minimum expected return-on-investment for the resource providers no matter how costly their services are as they are primarily governed by volunteering first and then generate revenue policy. This may cause the resource consumers maximize their time/budget/Quality-of-Service objective and leaving the resource providers ’ – making the system one sided. In this paper we propose a distributed Resource Market Place concept that is based on dynamic cost model and adopts economic institution paradigm for Compute Market creation and resource management (discovery and scheduling) in the Internet scale distributed resource pool. Our proposed model ensures both the resource providers and consumers maximize their objectives through different auctioning strategies and is scaleable. Key words