  The accelerated development in Grid and peer-to-peer computing has positioned
them as promising next generation computing platforms. They enable the creation
of Virtual Enterprises (VE) for sharing resources distributed across the world.
However, resource management, application development and usage models in these
environments is a complex undertaking. This is due to the geographic
distribution of resources that are owned by different organizations. The
resource owners of each of these resources have different usage or access
policies and cost models, and varying loads and availability. In order to
address complex resource management issues, we have proposed a computational
economy framework for resource allocation and for regulating supply and demand
in Grid computing environments. The framework provides mechanisms for
optimizing resource provider and consumer objective functions through trading
and brokering services. In a real world market, there exist various economic
models for setting the price for goods based on supply-and-demand and their
value to the user. They include commodity market, posted price, tenders and
auctions. In this paper, we discuss the use of these models for interaction
between Grid components in deciding resource value and the necessary
infrastructure to realize them. In addition to normal services offered by Grid
computing systems, we need an infrastructure to support interaction protocols,
allocation mechanisms, currency, secure banking, and enforcement services.
Furthermore, we demonstrate the usage of some of these economic models in
resource brokering through Nimrod/G deadline and cost-based scheduling for two
different optimization strategies on the World Wide Grid (WWG) testbed.
