I analyze the dynamic problem of a monopolist facing different masses of risk- averse consumers in two periods. All qualities are equally costly and the true quality is uncertain for all the agents in the first period. I find that a semi-separating equilibrium is sustainable in the second period if the first-period market share is strictly positive due to social learning. Increasing patterns of prices may arise when low qualities are revealed, but this outcome is less likely with less risk-averse consumers. The welfare analysis suggests that the authority could only help when the consumers were not very risk averse.