According to the wikipedia, the reservation price is defined as follows
"In negotiation, the reservation price is the point beyond which a negotiator is ready to walk away from a negotiated agreement. Taking a typical business negotiation as an example: a seller's reservation price is the least amount (the minimum) or bottom line the seller is prepared to accept."
Ukraine just redefined the concept
"The starting price at the tender was 4 billion hryvna ($475 million or €325 million).
A Ukrainian company, Nortima, won the tender with a bid of 5 billion hryvna ($592 million or €405 million), but the nation's top privatization official said minutes later that the tender commission had voted unanimously to annul the results because the price was too low."
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