money illusion, anchoring and the endowment effect. As a quick reminder: money illusion refers to our tendency to ignore inflation (particularly real inflation) when assessing the value of something; anchoring concerns how people are inclined to give too much weight to their recent experience (ignoring what actually happens in the long term); and the endowment effect is where individuals demand more for something than they would be willing to pay for it themselves (and are unwilling to acknowledge that their asset is worth less than it was previously).
