Strategic investment and learning with private information

We study social learning from actions and outcomes. Agents learn about future returns through privately observed signals, others' investment decisions public experimentation outcomes when are realized. characterize symmetric equilibria, relate the extent of strategic delay investments in equilibrium to primitives information structure. invest without most optimistic interim belief exceeds a threshold. Otherwise, induces feedback that may either raise or depress beliefs choices. show that, although ours is strategic-experimentation game pure informational externalities, private increase ex-ante welfare.