Before revision:  The observation network generally presents an obstruction to the efficient rate of signal aggregation , as agents compromise between incorporating the signals of the observed neighbors and not over-counting the confounding signals of the unobserved early movers.
After revision:  Equilibrium learning may be slow when agents do not observe all predecessors , as agents compromise between incorporating the signals of the observed neighbors and not over-counting the confounding signals of the unobserved early movers.