The power of phantom alternatives in negotiation: How what could be haunts what is

•BATNA: Best Alternative to a Negotiated Agreement.•Previous research focuses on the effects of a BATNA’s value.•Our study introduces likelihood as a new dimension of BATNA influence.•We investigate a Phantom BATNA: an alternative that may or may not materialize.•Phantom BATNAs influence negotiator performance via perceptions of power.