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Markets are dead, long live markets

Markets are dead, long live markets Markets are Dead, Long Live Markets Kevin Lai Information Dynamics Laboratory, HP Labs Researchers have long proposed using economic approaches to resource allocation in computer systems. However, few of these proposals became operational, let alone commercial. Questions persist about the economic approach regarding its assumptions, value, applicability, and relevance to system design. The goal of this paper is to answer these questions. We nd that marketbased resource allocation is useful, and more importantly, that mechanism design and system design should be integrated to produce systems that are both economically and computationally e ƒcient. Categories and Subject Descriptors: K.6.4 [Management of Computing and Information Systems]: Systems Management; D.4.7 [Operating Systems]: Organization and Design General Terms: Design, Economics, Management, Performance Additional Key Words and Phrases: Tycoon, resource allocation, markets 1. INTRODUCTION A key advantage of the Internet, peer-to-peer le sharing networks, and systems like PlanetLab [Peterson et al. 2002] is the sharing of computational resources. This provides a variety of bene ts, including higher utilization, increased throughput, lower delay (due to dispersion of resources in the network), and higher reliability. However, resource allocation remains an issue. The problem is how to allocate a shared resource fairly, with economic e ƒciency http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png ACM SIGecom Exchanges Association for Computing Machinery

Markets are dead, long live markets

ACM SIGecom Exchanges , Volume 5 (4) – Jul 1, 2005

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Publisher
Association for Computing Machinery
Copyright
Copyright © 2005 by ACM Inc.
ISSN
1551-9031
DOI
10.1145/1120717.1120719
Publisher site
See Article on Publisher Site

Abstract

Markets are Dead, Long Live Markets Kevin Lai Information Dynamics Laboratory, HP Labs Researchers have long proposed using economic approaches to resource allocation in computer systems. However, few of these proposals became operational, let alone commercial. Questions persist about the economic approach regarding its assumptions, value, applicability, and relevance to system design. The goal of this paper is to answer these questions. We nd that marketbased resource allocation is useful, and more importantly, that mechanism design and system design should be integrated to produce systems that are both economically and computationally e ƒcient. Categories and Subject Descriptors: K.6.4 [Management of Computing and Information Systems]: Systems Management; D.4.7 [Operating Systems]: Organization and Design General Terms: Design, Economics, Management, Performance Additional Key Words and Phrases: Tycoon, resource allocation, markets 1. INTRODUCTION A key advantage of the Internet, peer-to-peer le sharing networks, and systems like PlanetLab [Peterson et al. 2002] is the sharing of computational resources. This provides a variety of bene ts, including higher utilization, increased throughput, lower delay (due to dispersion of resources in the network), and higher reliability. However, resource allocation remains an issue. The problem is how to allocate a shared resource fairly, with economic e ƒciency

Journal

ACM SIGecom ExchangesAssociation for Computing Machinery

Published: Jul 1, 2005

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