I study how a forward-looking decision maker experiments on unknown alternatives of spatially correlated utilities modeled by a Brownian motion so that similar alternatives yield similar utilities. For example, a firm experiments on its size that yields unknown, spatially correlated...

This paper provides a model of strategic exploration in which competing playersindependently explore a set of alternatives. The model captures a strategic tensionbetween preemption—to covertly explore alternatives that the opponent will explorein the future—and prioritization—to explore...