Anchoring
Also known as Anchoring bias
The tendency to rely too heavily on the first number or piece of information we see when making a judgment. Later estimates stay too close to that starting point, even when it is arbitrary.
In everyday life
A house listed at a high price makes offers far above its true value seem reasonable to buyers.
In a salary negotiation the employer opens with a low figure, and although your research pointed much higher, your counteroffer ends up only a little above theirs.
Why your mind does this
Our senses and judgment work by comparison. Noticing differences from a starting point, or from what came just before, is faster and cheaper than measuring things in absolute terms, and changes are often what signal danger or opportunity.
How to spot it
Ask yourself where the first number in this discussion came from and whether it deserves to be your starting point.
How to counter it
Set your own estimate or price limit before you hear anyone else's number.