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Nash Auction Format is a feature of Nash OS for eCommerce and a format that is between Reverse and Standard auction formats. As you are aware of that standard auction format is when the highest price wins, and with reverse auction format is when the lowest price wins. As with nash auction format is when highest reserved price wins even if the auction price being reduced as in reverse auctions.

Keep in mind that Buy-It-Now option is also available in nash auction format. If a bidder wants to simply buy out an item that was posted by seller using nash auction format, then the buyer needs to place a higher Buy-It-Now price than the most highest reserved price that was logged by items bid history.

This feature is controlled by admin via SYI process view in admin panel.