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Utility functions, prices, and negotiation

Wilkes, John
HP Laboratories

HPL-2008-81

Keyword(s): utility theory, price functions, risk, negotiation, penalties, SLAs

Abstract: This paper provides an introduction to the use of utility theory with service level agreements between a computer-based service provider and a client. It argues that a consistent approach to utility, together with a flexible notion of pricing, can go a long way to clarifying some of the hidden assumptions that pervade many existing contracts and decisions around them. The goal is to enhance understanding of a surprisingly tricky area, identify a few consequences for services providers and their clients, suggest a set of terminology that reduces ambiguities, and make some suggestions for future work.

20 Pages

Additional Publication Information: A version of this paper will be published in Market Oriented Grid and Utility Computing, edited by Rajkumar Buyya and Kris Bobendorfer, published by John Wiley & sons, Inc

External Posting Date: July 6, 2008 [Fulltext]. Approved for External Publication
Internal Posting Date: July 6, 2008 [Fulltext]

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