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Published online by Cambridge University Press: 02 February 2023
In this chapter, we study the economic issues of fresh data trading markets, where the data freshness is captured by Age-of-Information (AoI). In our model, a destination user requests, and pays for, fresh data updates from a source provider. In this work, the destination incurs an age-related cost, modeled as a general increasing function of the AoI. To understand economic viability and profitability of fresh data markets, we consider a pricing mechanism to maximize the source’s profit, while the destination chooses a data update schedule to trade off its payments to the source and its age-related cost. The problem is exacerbated when the source has incomplete information regarding the destination’s age-related cost, which requires one to exploit (economic) mechanism design to induce the truthful information. This chapter attempts to build such a fresh data trading framework that centers around the following two key questions: (a) How should a source choose the pricing scheme to maximize its profit in a fresh data market under complete market information? (b) Under incomplete information, how should a source design an optimal mechanism to maximize its profit while ensuring the destination’s truthful report of its age-related cost information?
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