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Hierarchical dynamic spectrum access (DSA) has received the most attention in recent years as the solution for better spectrum utilization. In this paper, on the other hand, we develop a framework for dynamic spectrum leasing (DSL). Power control in hierarchical DSA networks only involves that of controlling secondary user transmissions. Thus, in game theoretic formulations of power control in cognitive DSA networks only secondary users are considered as players of the game. In proposed dynamic spectrum leasing, on the other hand, the primary users are rewarded for allowing secondary users to operate in their licensed spectrum. Thus, in the proposed DSL networks the primary users have an incentive to allow secondary users to access the spectrum whenever possible to the maximum extent. We develop a game theoretic framework for such dynamic spectrum leasing in which primary users actively participate in a non-cooperative game with secondary users by selecting an interference cap on the total interference they willing to tolerate. We establish that the proposed primary-secondary user power control game has a unique Nash equilibrium. Performance of a DSL system based on the proposed game model is compared through simulations under different linear receivers at the secondary base station.