  High-quality Hipparcos data for a complete sample of nearly 12000
main-sequence and subgiant stars, together with Padua isochrones, are used to
constrain the star-formation history of the solar neigbourhood and the
processes that stochastically accelerate disk stars. The velocity dispersion of
a coeval group of stars is found to increase with time from ~8 kms at birth as
t^{0.33}. In the fits, the slope of the IMF near 1 Msun proves to be degenerate
with the rate at which the star-formation rate declines. If the slope of the
IMF is to lie near Salpeter's value, -2.35, the star-formation rate has to be
very nearly constant. The age of the solar neighbourhood is found to be
11.2+/-0.75 Gyr with remarkably little sensitivity to variations in the assumed
metallicity distribution of old disk stars. This age is only a Gyr younger than
the age of the oldest globular clusters when the same isochrones and distance
scale are employed. It is compatible with current indications of the redshift
of luminous galaxy formation only if there is a large cosmological constant. A
younger age is formally excluded because it provides a poor fit to the number
density of red stars. Since this density is subject to a significantly
uncertain selection function, ages as low as 9 Gyr are plausible even though
they lie outside our formal error bars.
