This paper studies the moral hazard problem of a firm that produces experience goods and controls quality through its investment choice. Investment is incentivized by consumers' learning about product quality, which feeds into the firm's reputation and future revenue. The key feature that distinguishes the authors' paper from classical models of reputation and repeated games is that they model product quality as a function of past investments rather than current effort. In Section 3 they characterize the firm's investment incentives. By investing, the firm raises its quality in the event of a technology shock; investment incentives are thus governed by the difference in value between a high and a low quality firm, which they term the value of quality. In Section 4, they characterize equilibria under perfect Poisson learning. In Section 5, the authors analyze imperfect Poisson processes when the cost of investment is low.