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The lending spectrum behavior of primary users in cognitive radio is analyzed using game theory. Firstly, the system model of spectrum allocation is established. Secondly, based on the system model, Cournot algorithm is designed. Finally, simulation is done for the situation that the total quantity and the price of the lending spectrum vary with the increasing of the number of the primary users. The simulation results show that the lending spectrum quantity has been increased very much and the price of the spectrum has been reduced by using Cournot algorithm compared with the static spectrum allocation algorithm.