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(1988 Drexler & Miller) Mechanisms for market-based management of computational resources

Agoric computation will require market-compatible mechanisms for the allocation of processor time and storage space. Recasting processor scheduling as an auction process yields a flexible priority system. Recasting storage management as a system of decentralized market negotiations yields a distributed garbage collection algorithm able to collect unreferenced loops that cross trust boundaries. Algorithms that manage processor time and storage in ways that enable both conventional computation and market-based decision making will be useful in establishing agoric systems: they lie at the boundary between design and evolution. Algorithms are described in detail.

With link to full text:

Drexler KE Miller MS. (1988) “Incentive Engineering for Computational Resource Management” in The Ecology of Computation, Huberman, B, editor, Amsterdam: Elsevier Science Publishers, B.V.