In that context, the highest price a consumer is willing to pay for a particular good is called the reservation price.
12.
A different kind of generalization is to set a reservation price-a minimum price below which the item is not sold at all.
13.
Reservation prices are commonly used in auctions, where the seller may or may not make it known what the lowest acceptable price is.
14.
Auctions may set a reservation price which is the least / maximum acceptable price for which a good may be sold / bought.
15.
The Vickrey auction with a reservation price of 1 / 2 achieves an expected profit of 5 / 12, which in this case is optimal.
16.
A seller may produce a "'reservation demand "', which is a schedule of reservation prices at which a seller would be willing to sell different quantities of a particular good.
17.
The monopolist sets the price of the durable good at time " t " equal to the highest reservation price of a consumer who hasn't purchased prior to that point " t ".
18.
Without modification, " auction " generally refers to an open, demand auction, with or without a " reservation price " ( or " reserve " ), with the item sold to the highest bidder.
19.
Consumer surplus is thus the definite integral of the demand function with respect to price, from the market price to the maximum reservation price ( i . e . the price-intercept of the demand function ):
20.
This can be seen as the " walk away " point for either party, in negotiation where the reservation price is the point beyond which a negotiator is ready to walk away from a negotiated agreement.
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