ABSTRACTThe desirability of a merger/acquisition alternative depends in part on the perceptions of the decision maker. What sources of information are “useful” to the decision maker&Does the set of useful information remain constant for all decision makers; if not, do individuals using similar information sets have similar information processing characteristics? Do these sets vary as feedback is obtained during the decision process? To answer these questions, graduate students participated in a modified Delphi experiment, and the resulting data were analyzed by the two‐way aligned‐ranks nonparametric test. These test results affirm that in a merger/acquisition scenario, decision makers with different cognitive styles prefer different sets of information and these sets vary dynamically as feedback is incorporated in the decision‐making process. Furthermore, information that contains worker and community welfare considerations is identified as “useful” five times more frequently by decision makers with a “feeling” cognitive style than those with a