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One of the latest developments in cloud computing is usually called "serverless" computing, despite the fact that servers are still where processing takes place. The economic benefits of serverless computing heavily depend on the execution behavior and volumes of the application workload. Serverless has the potential to be a great abstraction offering economic advantages for simple workflows, however it's important to model the economic impact of your architecture and operation choices.
Eivy et al. (Wed,) studied this question.