Reservation (Reserve) Price

Reservation price (sometimes referred to as reserve price) is the limit on the price of a good or service.

 
The definition further depends on whether you are looking at the demand (buyer) side or supply (seller) side. For the buyer (demand) side the reservation price is the highest price that the buyer is willing to pay. On the seller (supply) side the reservation price is the lowest price the seller is willing to accept.

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