In this paper we discuss on the dynamic spectrum allocation policies and architectures related to cognitive radios. First, we point out that so called flash crowd effect should be considered as a possible phenomenon in the case of flexible spectrum allocations and cognitive radios. We outline some simple technological and business models approaches that could be used to solve besides of using only traditional MAC-layers. Second, we discuss also on financial and business modeling grounds, whether the dynamic spectrum should be seen in the context of auctions or larger financial markets. Our conclusion is that spectrum auction based valuation might have only limited use to allocate spectrum within short time-scales, but could have high potential in long-term allocation, if hierarchial spectrum management approach is enabled.
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