Scheduling operations such as asynchronous file system operations in a network storage system is accomplished by applying a bid-price online auction methodology, in which bid (willingness-to-pay) values and price (cost) values are dynamically set by storage clients and a storage server, respectively, based on utilization of computing resources. The system provides a framework for adaptively scheduling asynchronous file system operations, managing multiple key resources of the distributed file system, including network bandwidth, server I/O, server CPU, and client and server memory utilization. The system can accelerate, defer, or cancel asynchronous requests to improve application-perceived performance. Congestion pricing via online auctions can be employed to coordinate the use of system resources by clients, so clients can detect shortages and adapt their resource usage.