Grid Economics - Market Mechanisms for Grid Markets

In this work we describe a market based approach to conduct resource allocation problems in computational Grids. Currently, there is a lot of work done on the technical layer of resource allocation. However, the economic allocation of resources is still an open issue in research and more importantly in practical application. This work focuses on existing market mechanisms from different do- mains and shows possible applications in Grid scenarios. Most prom- ising – but also most demanding – approaches are combinatorial auctions and exchanges that include high bidding complexity. We show how such mechanisms can be applied to Grid markets and what bor- ders have to be passed in order to successfully deploy these mecha- nisms in future resource sharing markets