In economics, what is the maximum price a buyer is willing to pay for a specific good called?

In economics, the maximum price a buyer is willing to pay for a specific good is called the reservation price.

A buyer’s reservation price reflects the value they place on obtaining the item. If the market price is below that amount, the buyer may purchase; if it is above it, the buyer normally refuses. In a demand curve, reservation prices can be represented by the heights of points along the curve for different quantities.

Reservation price is closely related to willingness to pay, although economists may use the terms slightly differently depending on the model. It should not be confused with the actual market price, which is the amount ultimately paid, or with a price ceiling, which is a government-imposed legal maximum.

For sellers, the corresponding concept is a reservation price meaning the minimum amount they would accept. In that context it is also called willingness to accept, so the buyer-versus-seller context matters.