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Suppose there is an auction for a unique good, say an original piece of artwork. There are many potential buyers, including buyer X. Each buyer has a unique reserve price, or willingness to pay. If X's reserve price is the highest, then X wins the auction. If X's reserve is not the highest, then X loses the auction.

Whether X wins or loses the auction depends on the maximum willingness to pay of all other buyers. Is there a standard name for this quantity in economics?

ivme
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    The highest competing bid to X's? – Herr K. Mar 31 '22 at 03:59
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    @HerrK. I like the 'competing' part, but it's not quite actually an auction bid that I'm trying to get after. It's the reserve price, which a buyer may or may not actually bid during the auction. I suppose 'highest competing reserve' might work. – ivme Mar 31 '22 at 14:12

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