Abstract
This paper provides a single broad model for the analysis of a range of issues underlying a market for Grid services. The demand and the supply sides of such a market are being treated separately and the relation between the two sides is being studied. We provide numerical results in order to derive conclusions about the viability of a market for Grid services. Underlying our model are parameters such as the cost technologies, the random processes driving demand and supply and the size of the market. We study the effect of the model’s parameters, such as risk aversion or the durability of resources, on the system’s behavior, eg. on the clearing price or volume of trade.
Work partially supported by the EU-funded research project GRIDECON, FP6 - 2005 - IST5 - 033634.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Similar content being viewed by others
References
Chamberlin, E.H.: An Experimental Imperfect Market. Journal of Political Economy 56(2), 95–108 (1948)
Cripps, M.W., Swinkels, J.M.: Efficiency of Large Double Auctions. Econometrica 74(1), 47–92 (2006)
Gode, D.K., Sunder, S.: Allocative Efficiency of Markets with Zero Intelligence (ZI) Traders: Market as a Partial Substitute for Individual Rationality. Journal of Political Economy CI, 119–137 (1993)
Gode, D.K., Sunder, S.: What Makes Markets Allocationally Efficient? Quarterly Journal of Economics 112(2), 603–630 (1997)
Rustichini, A., Satterthwaite, M.A., Williams, S.R.: Convergence to Efficiency in a Simple Market with Incomplete Information. Econometrica 62(1), 1041–1063 (1994)
Satterthwaite, M.A., Williams, S.R.: The optimality of a simple market mechanism. Econometrica 70(5), 1841–1863 (2002)
Cliff, D.: Minimal-intelligence agents for bargaining behaviours in market-based environments, Technical Report HP-97-91, Hewlett-Packard Research Laboratories, Bristol, England (1997)
Preist, C., van Tol, M.: Adaptative agents in a persistent shout double auction. In: Proceedings of the 1st International Conference on the Internet, Computing and Economics, pp. 11–18. ACM Press, New York (1998)
Parsons, S., Marcinkiewicz, M., Niu, J., Phelps, S.: Everything you wanted to know about double auctions but were afraid to (bid or) ask, Technical Report, Department of Computer & Information Science, Brooklyn College, City University of New York (2005)
Smith, V.L.: An Experimental Study of Competitive Market Behavior. Journal of Political Economy LXX, 111–137 (1962)
Meinl, T., Neumann, D.: A Real Options Model for Risk Hedging in Grid Computing Scenarios. In: Proceedings of the 42nd Hawaii International Conference on System Sciences, pp. 1–10 (2009)
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2009 Springer-Verlag Berlin Heidelberg
About this paper
Cite this paper
Mason, R., Courcoubetis, C., Miliou, N. (2009). A Framework for Analyzing the Economics of a Market for Grid Services. In: Altmann, J., Buyya, R., Rana, O.F. (eds) Grid Economics and Business Models. GECON 2009. Lecture Notes in Computer Science, vol 5745. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-03864-8_3
Download citation
DOI: https://doi.org/10.1007/978-3-642-03864-8_3
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-642-03863-1
Online ISBN: 978-3-642-03864-8
eBook Packages: Computer ScienceComputer Science (R0)