We investigate a spectrum oligopoly  where primary users allow secondary access  in lieu of financial remuneration. Availabilities and transmission qualities of the licensed bands fluctuate randomly.
Each primary seeks to select a price that will be attractive to the secondaries and also fetch adequate profits.  A primary's selection will in general depend on  its own channel  availability and the quality of the available channel and also those of its   competitors - she may only know the statistics of the latter.  We analyze this price competition  as a game. We prove the existence and uniqueness of Nash Equilibrium (NE) in the class of symmetric NE. we explicitly compute the unique symmetric NE and  obtain  key insights regarding its structure.