Profit maximization auction and data management in big data markets

Yutao Jiao, Ping Wang, Dusit Niyato, Mohammad Abu Alsheikh, Shaohan Feng

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

8 Citations (Scopus)

Abstract

A big data service is any data-originated resource that is offered over the Internet. The performance of a big data service depends on the data bought from the data collectors. However, the problem of optimal pricing and data allocation in big data services is not well-studied. In this paper, we propose an auction-based big data market model. We first define the data cost and utility based on the impact of data size on the performance of big data analytics, e.g., machine learning algorithms. The big data services are considered as digital goods and uniquely characterized with ''unlimited supply'' compared to conventional goods which are limited. We therefore propose a Bayesian profit maximization auction which is truthful, rational, and computationally efficient. The optimal service price and data size are obtained by solving the profit maximization auction. Finally, experimental results on a real-world taxi trip dataset show that our big data market model and auction mechanism effectively solve the profit maximization problem of the service provider.

Original languageEnglish
Title of host publication2017 IEEE Wireless Communications and Networking Conference, WCNC 2017 - Proceedings
EditorsAndrea Goldsmith, Katie Wilson, Shugang Cui , Eliza Erkip, Angel Lozano
Place of PublicationUnited States
PublisherIEEE, Institute of Electrical and Electronics Engineers
Pages1-6
Number of pages6
ISBN (Electronic)9781509041831
ISBN (Print)9781509041848
DOIs
Publication statusPublished - 19 Mar 2017
Externally publishedYes
Event2017 IEEE Wireless Communications and Networking Conference, WCNC 2017 - San Francisco, United States
Duration: 19 Mar 201722 Mar 2017

Publication series

NameIEEE Wireless Communications and Networking Conference, WCNC
ISSN (Print)1525-3511

Conference

Conference2017 IEEE Wireless Communications and Networking Conference, WCNC 2017
CountryUnited States
CitySan Francisco
Period19/03/1722/03/17

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  • Cite this

    Jiao, Y., Wang, P., Niyato, D., Abu Alsheikh, M., & Feng, S. (2017). Profit maximization auction and data management in big data markets. In A. Goldsmith, K. Wilson, S. Cui , E. Erkip, & A. Lozano (Eds.), 2017 IEEE Wireless Communications and Networking Conference, WCNC 2017 - Proceedings (pp. 1-6). [7925760] (IEEE Wireless Communications and Networking Conference, WCNC). IEEE, Institute of Electrical and Electronics Engineers. https://doi.org/10.1109/WCNC.2017.7925760