Revenue Maximization With Dynamic Auctions in IaaS Cloud Markets
Cloud service pricing plays a pivotal role towards the success of cloud computing. Existing pricing schemes, however, either provide no service guarantees (e.g., Spot Instances in Amazon EC2), or use static on-demand pricing in which the price cannot respond quickly to market dynamics (e.g., On-demand Instances in Amazon EC2). To overcome these problems, in this paper the authors design dynamic auctions where computing instances are periodically auctioned off to accommodate user demands over time. They address the two main challenges of revenue maximization and auction truthfulness.