Abstract
Optimal resource configuration is a critical issue for manufacturing grids. Economics is introduced for establishing a manufacturing grid resource marketplace and allocating resources based on market equilibrium and resource consumers’ utilities. Firstly, the resource allocation architecture is constructed based on the total framework of the manufacturing grid. Secondly, the economic environment of resource allocation is defined based on the characteristics of marketplace competitiveness, in which the feasible and Pareto optimization conditions of resource allocation are given. The competitive equilibrium of Pareto optimization is defined, in which resource owners may gain most economic profits, resource consumers gain maximal utilities and the market equilibrium was achieved. Finally, an iterative algorithm is introduced for the resource equilibrium price. The test results indicated that a resource price could be converged at its equilibrium price rapidly, and actual resources allocation result could be approximate to the equilibrium state.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: The International Journal of Advanced Manufacturing Technology
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
