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Cognitive Radio (CR) has been recently proposed as a method of alleviating the shortage of radio spectrum, by increasing the efficiency of spectrum use. However, as large portions of spectrum remain under long-term licenses, the economic welfare of the primary license holders must be taken into account, when considering methods of spectrum access that may degrade license holder Quality-of-Service (QoS) and therefore revenue. Several price discovery methods have been proposed to find the fee that license holders should charge for cognitive access to their spectrum. This paper examines the spectrum licenses themselves as an investment class.
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