  A new model of the observed universe, using solutions to the full Einstein
equations, is developed from the hypothesis that our observable universe is an
underdense bubble, with an internally inhomogeneous fractal bubble distribution
of bound matter systems, in a spatially flat bulk universe. It is argued on the
basis of primordial inflation and resulting structure formation, that the
clocks of the isotropic observers in average galaxies coincide with clocks
defined by the true surfaces of matter homogeneity of the bulk universe, rather
than the comoving clocks at average spatial positions in the underdense bubble
geometry, which are in voids. This understanding requires a systematic
reanalysis of all observed quantities in cosmology. I begin such a reanalysis
by giving a model of the average geometry of the universe, which depends on two
measured parameters: the present matter density parameter, Omega_m, and the
Hubble constant, H_0. The observable universe is not accelerating. Nonetheless,
inferred luminosity distances are larger than naively expected, in accord with
the evidence of distant type Ia supernovae. The predicted age of the universe
is 15.3 +/-0.7 Gyr. The expansion age is larger than in competing models, and
may account for observed structure formation at large redshifts.
