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?

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    $\begingroup$ The highest competing bid to X's? $\endgroup$
    – Herr K.
    Commented Mar 31, 2022 at 3:59
  • 2
    $\begingroup$ @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. $\endgroup$
    – ivme
    Commented Mar 31, 2022 at 14:12


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