Market equilibrium based resource optimal allocation for manufacturing grid

Bei Sheng Lu, Sheng You Shi, Rong Mo, Zhi Yong Chang, Hai Cheng Yang

Research output: Contribution to journalArticlepeer-review

9 Scopus citations

Abstract

Manufacturing Grid resource marketplace was established in which resources were configured based on. market equilibrium theory and resource consumers' preferences. Firstly, an economic resource allocation architecture was constructed based on the total framework of manufacturing grid. Secondly, the economic environment of resource allocation was defined based on the characteristics of marketplace competitiveness, in which the feasible and Pareto optimization conditions of resource allocation were given. The competitive equilibrium of Pareto optimization was defined to realize profit maximization for resource providers and efficiency maximization for resource users under balanced market resources. Finally, an iterative algorithm was 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 equilibrium state.

Original languageEnglish
Pages (from-to)2011-2016
Number of pages6
JournalJisuanji Jicheng Zhizao Xitong/Computer Integrated Manufacturing Systems, CIMS
Volume12
Issue number12
StatePublished - Dec 2006

Keywords

  • Equilibrium price
  • Iterative algorithm
  • Manufacturing grid
  • Market equilibrium
  • Resource allocation

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