How can I set the default value for an HTML select element

Question

I believed that by setting the "value" attribute on the select> element below, the option> with my specified "value" would be automatically selected:

<select name="hall" id="hall" value="3">
  <option>1</option>
  <option>2</option>
  <option>3</option>
  <option>4</option>
  <option>5</option>
</select>

But it didn't pan out the way I had hoped. Which option> element is selected by default, and how do I change that?