  We study the tradeoff between fundamental risk and time. A time-constrained
agent has to solve a problem. She dynamically allocates effort between
implementing a risky initial idea and exploring alternatives. Discovering an
alternative implies progress that has to be converted to a solution. As time
runs out, the chances of converting it in time shrink. We show that the agent
may return to the initial idea after having left it in the past to explore
alternatives. Our model helps explain so-called false starts. To finish fast,
the agent delays exploring alternatives reducing the overall success
probability.
