  We characterize the first 40 Myr of evolution of circumstellar disks through
a unified study of the infrared properties of members of young clusters and
associations with ages from 2 Myr up to ~ 40 Myr: NGC 1333, NGC 1960, NGC 2232,
NGC 2244, NGC 2362, NGC 2547, IC 348, IC 2395, IC 4665, Chamaeleon I, Orion
OB1a and OB1b, Taurus, the \b{eta} Pictoris Moving Group, \r{ho} Ophiuchi, and
the associations of Argus, Carina, Columba, Scorpius-Centaurus, and
Tucana-Horologium. Our work features: 1.) a filtering technique to flag noisy
backgrounds, 2.) a method based on the probability distribution of deflections,
P(D), to obtain statistically valid photometry for faint sources, and 3.) use
of the evolutionary trend of transitional disks to constrain the overall
behavior of bright disks. We find that the fraction of disks three or more
times brighter than the stellar photospheres at 24 {\mu}m decays relatively
slowly initially and then much more rapidly by ~ 10 Myr. However, there is a
continuing component until ~ 35 Myr, probably due primarily to massive clouds
of debris generated in giant impacts during the oligarchic/chaotic growth
phases of terrestrial planets. If the contribution from primordial disks is
excluded, the evolution of the incidence of these oligarchic/chaotic debris
disks can be described empirically by a log-normal function with the peak at 12
- 20 Myr, including ~ 13 % of the original population, and with a post-peak
mean duration of 10 - 20 Myr.
