Bidding Strategies for Spot Instances in Cloud Computing Markets

Author

Karunakaran, Sowmya ; Sundarraj, Rangaraja P.

Author_Institution

Indian Inst. of Technol. Madras, Chennai, India

Volume

19

Issue

3

fYear

2015

fDate

May-June 2015

Firstpage

32

Lastpage

40

Abstract

In recent times, spot pricing - a dynamic pricing scheme - is becoming increasingly popular for cloud services. This new pricing format, though efficient in terms of cost and resource use, has added to the complexity of decision making for typical cloud computing users. To recommend bidding strategies in spot markets, we use a simulation study to understand the implications that provider-recommended strategies have for cloud users. We use data based on Amazon´s Elastic Compute Cloud spot market to provide users with guidelines when considering tradeoffs between cost, wait time, and interruption rates.

Keywords

cloud computing; computational complexity; decision making; pricing; bidding strategies; cloud computing markets; cloud computing users; cloud services; decision making complexity; dynamic pricing scheme; elastic compute cloud spot market; interruption rates; pricing format; provider-recommended strategies; spot instances; spot pricing; wait time; Cloud computing; Computational modeling; Discussion forums; Market research; Pricing; Internet/Web technologies; bidding strategy; cloud computing; dynamic pricing; simulation experiment; text mining;

fLanguage

English

Journal_Title

Internet Computing, IEEE

Publisher

ieee

ISSN

1089-7801

Type

jour

DOI

10.1109/MIC.2014.87

Filename

6870378