Construct · 2 fields · 3 citations
One name. Different field. Different construct. One map.
● jingle · one word, two constructs Nearest construct by meaningprice valuecompare the meaningsEvery construct on the map is compared with every other by the meaning of its definitions, and the closest one is surfaced here. The nearest construct to reservation is price value.
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In economics a reservation price or reservation wage is the threshold value at which a person is just willing to act: the lowest price a seller will accept, the highest a buyer will pay, or the lowest wage at which an unemployed worker will take a job rather than keep looking. Below that wage an offer is turned down, and at or above it the offer is accepted, so the threshold governs the decision to stop searching. McCall's 1970 Economics of Information and Job Search derived the reservation wage as the point where the expected gain from one more search just equals its cost, giving search theory a clean decision rule. The same idea fixes the reserve price in an auction and the walk-away point in a negotiation. The thing being named is a number on a value scale, a personal cut-off for accepting or rejecting, not a clause struck from a treaty, a tract of reserved land, or a table held at a restaurant.[1]
In international law a reservation is a unilateral statement a state makes when signing, ratifying, or acceding to a treaty, by which it purports to exclude or change the legal effect of certain provisions as they apply to that state. The Vienna Convention on the Law of Treaties defines it this way in Article 2 and governs it in Articles 19 to 23, which set out when a reservation is allowed, how other states may accept or object to it, and what legal relations then follow. A valid reservation reshapes the obligations between the reserving state and the others, so the same treaty can bind different parties to slightly different terms, and it may not be incompatible with the object and purpose of the treaty. The thing being named is a formal legal act that edits a state's obligations under an agreement, not a price a buyer will accept, a parcel of reserved land, or a booking held for a guest.[3][2]
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