Computational economy and GRACE

Computational economy and grace are two important concepts in Grid Computing that help to ensure efficient and effective use of distributed resources.

Computational economy refers to the use of economic principles to manage the allocation of resources in a Grid environment. This involves creating mechanisms for pricing and trading computational resources, allowing users to buy and sell resources as needed. By creating a market for resources, computational economy can help to optimize resource utilization and ensure that resources are allocated to their most efficient use.

Grace, on the other hand, refers to the ability of Grid systems to gracefully handle failures and errors. In a distributed environment, failures are inevitable, and it is important to have mechanisms in place to handle them effectively. Graceful handling of failures involves the use of redundancy, fault tolerance, and self-healing mechanisms to ensure that the system remains operational even in the face of failures.

Together, computational economy and grace are important concepts in Grid Computing that help to ensure efficient and reliable use of distributed resources. By leveraging these concepts, organizations can effectively share resources and services, reducing costs and improving efficiency.