Characterizing Spot Price Dynamics in Public Cloud Environments
The surge in demand for utilizing public Cloud resources has introduced many trade-offs between price, performance and recently reliability. Amazon's Spot Instances (SIs) create a competitive bidding option for public Cloud users at lower prices without providing reliability on services. It is generally believed that SIs reduce monetary cost to the Cloud users, however it appears from the literature that their characteristics have not been explored and reported. The authors believe that characterization of SIs is fundamental in the design of stochastic scheduling algorithms and fault tolerant mechanisms in public Cloud environments for the spot market. In this paper, they have done a comprehensive analysis of SIs based on one year price history in four data centers of Amazon's EC2.