A Comparative Analysis of Single-Unit Vickrey Auctions and Commodity Markets for Realizing Grid Economies with Dynamic Pricing

摘要

The introduction of market principles is a promising approach for dealing with the complex issues that arise in Grid resource management. A key aim is to align the resource consumption and provisioning patterns of Grid participants through proper incentive mechanisms. An important research question in this regard is the choice of a market organization. A number of such organizations have been proposed to support an economically inspired form of Grid resource management. This paper presents a comparative, quantitative, analysis of the single-unit Vickrey auctions and commodity market organizations with regards to price stability, fairness, and communicative and computational requirements. Our analysis based on simulated market scenarios shows that both market organizations lead to similar outcomes but that a commodity market organization leads to more stable market behavior at the cost of higher communicative requirements.