creators_name: Meinl, Thomas creators_name: Blau, Benjamin type: conference_item datestamp: 2009-04-06 19:09:03 lastmod: 2009-04-07 14:02:17 metadata_visibility: show title: Web Service Derivatives ispublished: pub full_text_status: public pres_type: paper abstract: Web service development and usage has shifted from simple information processing services to high-value business services that are crucial to productivity and success. In order to deal with an increasing risk of unavailability or failure of mission-critical Web services we argue the need for advanced reservation of services in the form of derivatives. The contribution of this paper is twofold: First we provide an abstract model of a market design that enables the trade of derivatives for mission-critical Web services. Our model satisfies requirements that result from service characteristics such as intangibility and the impossibility to inventor services in order to meet fluctuating demand. It comprehends principles from models of incomplete markets such as the absence of a tradeable underlying and consistent arbitragefree derivative pricing. Furthermore we provide an architecture for a Web service market that implements our model and describes the strategy space and interaction of market participants in the trading process of service derivatives. We compare the underlying pricing processes to existing derivative models in energy exchanges, discuss eventual shortcomings, and propose Wavelets as a preprocessing tool to analyze actual data and extract long- and short-term seasonalities. date: 2009-04 pagerange: 271-271 event_title: 18th International World Wide Web Conference event_location: Madrid, Spain event_dates: April 20th-24th, 2009 event_type: conference refereed: TRUE citation: Meinl, Thomas and Blau, Benjamin (2009) Web Service Derivatives. In: 18th International World Wide Web Conference, April 20th-24th, 2009, Madrid, Spain. document_url: http://www2009.eprints.org/28/1/p271.pdf