Anchor
An anchor is a device, normally made of metal, used to connect a vessel to the bed of a body of water to prevent the craft from drifting due to wind or current. The word derives from Latin "ancora", which itself comes from the Greek ἄγκυρα ("ankura").
Anchoring
Anchoring occurs when, during decision making, an individual relies on an initial piece of information to make subsequent judgments. Those objects near the anchor tend to be assimilated toward it and those further away tend to be displaced in the other direction. Once the value of this anchor is set, all future negotiations, arguments, estimates, etc. are discussed in relation to the anchor. This bias occurs when interpreting future information using this anchor. For example, the initial price offered for a used car, set either before or at the start of negotiations, sets an arbitrary focal point for all following discussions. Prices discussed in negotiations that are lower than the anchor may seem reasonable, perhaps even cheap to the buyer, even if said prices are still relatively higher than the actual market value of the car.