Dynamic price prediction for amazon spot instances

Vivek Kumar Singh, Kaushik Dutta

Research output: Chapter in Book/Report/Conference proceedingConference contribution

28 Scopus citations

Abstract

Variable pricing cloud resources are the most recent advancement in cloud computing business models. Cloud vendors like Amazon Web Services, a.k.a. Amazon AWS provide a new cloud instance type known as 'Spot instance'. The distinguishing feature of spot instance is its dynamic pricing. The price of spot instances varies dynamically with time based on demand and supply of cloud resources in the data centers across the globe. Customers place bids to obtain spot instances using an online auction platform. The auction platform determines the market clearance price, a.k.a. 'Spot price' and the users whose bids are above the aforementioned price obtain the instances. Cloud vendors provide current and archived spot price data to assist their customers in bidding process. The major challenge for the customers in this new business model is to predict the spot price before placing their bids. In this paper, we have provided a novel algorithm for spot price prediction. We also have instantiated and demonstrated the proposed algorithm. The results show high accuracy of 9.4% Mean Absolute Percent Error (MAPE) for short term (one day ahead) and less 20% MAPE for long term (five days ahead) forecasting.

Original languageEnglish (US)
Title of host publicationProceedings of the 48th Annual Hawaii International Conference on System Sciences, HICSS 2015
EditorsRalph H. Sprague, Tung X. Bui
PublisherIEEE Computer Society
Pages1513-1520
Number of pages8
ISBN (Electronic)9781479973675
DOIs
StatePublished - Mar 26 2015
Externally publishedYes
Event48th Annual Hawaii International Conference on System Sciences, HICSS 2015 - Kauai, United States
Duration: Jan 5 2015Jan 8 2015

Publication series

NameProceedings of the Annual Hawaii International Conference on System Sciences
Volume2015-March
ISSN (Print)1530-1605

Other

Other48th Annual Hawaii International Conference on System Sciences, HICSS 2015
CountryUnited States
CityKauai
Period1/5/151/8/15

All Science Journal Classification (ASJC) codes

  • Engineering(all)

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  • Cite this

    Singh, V. K., & Dutta, K. (2015). Dynamic price prediction for amazon spot instances. In R. H. Sprague, & T. X. Bui (Eds.), Proceedings of the 48th Annual Hawaii International Conference on System Sciences, HICSS 2015 (pp. 1513-1520). [7069993] (Proceedings of the Annual Hawaii International Conference on System Sciences; Vol. 2015-March). IEEE Computer Society. https://doi.org/10.1109/HICSS.2015.184