Utilizing Truthful Bidding for Cloud Computing Resource Allocation
This paper is an interesting look into how truthful bidding can help to better allocate costs and resources on cloud-based platforms. In simpler terms, it’s hard to estimate the true cost of providing a virtual resource to users from a provider’s perspective. The article proposes maximizing social welfare in a highest-bid auction, that takes in to account the value of the resource provided to both users and providers.
This paper is a technical read, but it relates to the auctions that we learned about in class, and apply them to a huge field in modern computer science. I did not know that auctions were used so frequently on the internet, and this article demonstrates that auctions could be used to better allocate resources, like money, music, and information stored on the cloud.
An implication of this is that auctions could be used to determine micro-transactions that would give a small amount of money to the resource provider, equal to the value of the article to the end-user.
For an interesting read, check here: https://www.sciencedirect.com/science/article/pii/S0167739X17317983