Market model and optimal pricing scheme of big data and Internet of Things (IoT)

Dusit Niyato, Mohammad Abu Alsheikh, Ping Wang, Dong In Kim, Zhu Han

Research output: A Conference proceeding or a Chapter in BookConference contribution

23 Citations (Scopus)

Abstract

Big data has been emerging as a new approach in utilizing large datasets to optimize complex system operations. Big data is fueled with Internet-of-Things (IoT) services that generate immense sensory data from numerous sensors and devices. While most current research focus of big data is on machine learning and resource management design, the economic modeling and analysis have been largely overlooked. This paper thus investigates the big data market model and optimal pricing scheme. We first study the utility of data from the data science perspective, i.e., using the machine learning methods. We then introduce the market model and develop an optimal pricing scheme afterward. The case study shows clearly the suitability of the proposed data utility functions. The numerical examples demonstrate that big data and IoT service provider can achieve the maximum profit through the proposed market model.

Original languageEnglish
Title of host publication2016 IEEE International Conference on Communications
Place of PublicationNew Jersey, USA
PublisherIEEE, Institute of Electrical and Electronics Engineers
Pages1-6
Number of pages6
ISBN (Electronic)9781479966646
ISBN (Print)9781479966653
DOIs
Publication statusPublished - 12 Jul 2016
Externally publishedYes
Event2016 IEEE International Conference on Communications, ICC 2016 - Kuala Lumpur, Malaysia
Duration: 22 May 201627 May 2016

Conference

Conference2016 IEEE International Conference on Communications, ICC 2016
CountryMalaysia
CityKuala Lumpur
Period22/05/1627/05/16

Fingerprint

Costs
Learning systems
Large scale systems
Profitability
Big data
Internet of things
Economics
Sensors

Cite this

Niyato, D., Abu Alsheikh, M., Wang, P., Kim, D. I., & Han, Z. (2016). Market model and optimal pricing scheme of big data and Internet of Things (IoT). In 2016 IEEE International Conference on Communications (pp. 1-6). [7510922] New Jersey, USA: IEEE, Institute of Electrical and Electronics Engineers. https://doi.org/10.1109/ICC.2016.7510922
Niyato, Dusit ; Abu Alsheikh, Mohammad ; Wang, Ping ; Kim, Dong In ; Han, Zhu. / Market model and optimal pricing scheme of big data and Internet of Things (IoT). 2016 IEEE International Conference on Communications. New Jersey, USA : IEEE, Institute of Electrical and Electronics Engineers, 2016. pp. 1-6
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Niyato, D, Abu Alsheikh, M, Wang, P, Kim, DI & Han, Z 2016, Market model and optimal pricing scheme of big data and Internet of Things (IoT). in 2016 IEEE International Conference on Communications., 7510922, IEEE, Institute of Electrical and Electronics Engineers, New Jersey, USA, pp. 1-6, 2016 IEEE International Conference on Communications, ICC 2016, Kuala Lumpur, Malaysia, 22/05/16. https://doi.org/10.1109/ICC.2016.7510922

Market model and optimal pricing scheme of big data and Internet of Things (IoT). / Niyato, Dusit; Abu Alsheikh, Mohammad; Wang, Ping; Kim, Dong In; Han, Zhu.

2016 IEEE International Conference on Communications. New Jersey, USA : IEEE, Institute of Electrical and Electronics Engineers, 2016. p. 1-6 7510922.

Research output: A Conference proceeding or a Chapter in BookConference contribution

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Niyato D, Abu Alsheikh M, Wang P, Kim DI, Han Z. Market model and optimal pricing scheme of big data and Internet of Things (IoT). In 2016 IEEE International Conference on Communications. New Jersey, USA: IEEE, Institute of Electrical and Electronics Engineers. 2016. p. 1-6. 7510922 https://doi.org/10.1109/ICC.2016.7510922