In the second installment of our analysis of how we are running out of IPv4 addresses, we examine how Regional Internet Registries allocate IPv4 addresses. Despite the appealing ideology of common resource stewardship that appears to underlay RIR policies, there are major failings in the application of the common pool model to IP address resources. Notably, appropriation from the common pool is not based on a simple and uniformly applicable appropriation limit, but on expensive case-by-case administrative procedures in which a central planner tries to determine whether organizations "need" addresses. Worse, when IP addresses are not used by those to whom they have been allocated, they do not automatically return into the common pool for use by others. Those who have been allocated or assigned address resources retain exclusivity over an address block regardless of whether they are using the resources. Given the major imperfections in the application of the common pool model, it is not surprising to discover large amounts of unused and wasted resources, misappropriation and underground transfers taking place.   more »