God no, as can be seen with the DNS, free-market leads directly to
hoarding by those who have the resources, because it is considered
an investment in a cornered market.
I guess opportunity cost doesn't factor in to your analysis?
It leads directly to a tragedy of the commons where 90% of the resources
get sucked up by 10% of the companies, and those who need address space
get extorted.
Whether or not what you describe would happen, it's certainly not a
tragedy of the commons. Google should help clear up your confusion.