Anchoring bias is the tendency to get mentally fixed, or “anchored”, on a trait or piece of information when making decisions. Usually this is the first piece of information gained on that subject.
Example of Anchoring Bias
The initial price of a used car set at the start of negotiation sets an arbitrary focal point for all following discussion
Prices discussed in negotiations that are lower than the anchor may seem more reasonable to the buyer, even if those prices are still higher than the actual market value of the car.