Summary: The Grid Economy
RAJKUMAR BUYYA, DAVID ABRAMSON, AND SRIKUMAR VENUGOPAL
This paper identifies challenges in managing resources in a Grid
computing environment and proposes computational economy
as a metaphor for effective management of resources and appli-
cation scheduling. It identifies distributed resource management
challenges and requirements of economy-based Grid systems, and
discusses various representative economy-based systems, both
historical and emerging, for cooperative and competitive trading
of resources such as CPU cycles, storage, and network bandwidth.
It presents an extensible, service-oriented Grid architecture driven
by Grid economy and an approach for its realization by leveraging
various existing Grid technologies. It also presents commodity
and auction models for resource allocation. The use of commodity
economy model for resource management and application sched-
uling in both computational and data grids is also presented.
Keywords--Distributed computing, grid economy, resource
management, utility computing.