In this paper we discuss an approach to dynamic and automatic integration of ontologies for peer to peer data and knowledge sharing (P2P/DAKS) networks (called coalitions), where peer schemas are assumed to be heterogeneous, and a peer is permitted to join many such coalitions. In this approach each peer provides a peer ontology, appropriate to a coalition, for the global interpretation of its schema. These peer ontologies, based on hierarchic relationships among its entity concepts, can be dynamically integrated into a global coalition ontology, using a graph-based inclusion technique.