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A major challenge of the heterogeneous wireless networks is how to jointly utilize the resources of different radio access technologies (RATs) in an efficient manner while simultaneously achieving the desired multi-service quality of service (QoS) and minimizing the service cost. To meet the challenge, this paper proposes an adaptive common radio resource management (CRRM) scheme in the context of wireless wide area network (WWAN) and wireless local area network (WLAN). The key parameters of the scheme are service type, user mobility and location information, load information, and service cost. The effectiveness of the proposed CRRM scheme is assessed analytically using the theory of Markov chains. Numerical results show that the proposed scheme minimizes the rate of unnecessary vertical handoffs (VHO), thereby providing stable communication without degrading call blocking performance and increasing service cost.