Kongu Engineering College
A new Economic resource allocation model has been designed, that is efficient enough to allocate resource. Current existing economic resource allocation model has been criticized for their performance limitations and high overheads. This paper addresses the poor performance of current economic allocation models, by reducing the failure rate, reallocation rate, thus increasing their occupancy and system utilization. This work concentrates on high performance resource utilization strategies that can be deployed in cloud systems. Market participants can use these high performance resource utilization strategies namely overbooking and second chance substitute provider for delivering services.