We consider an analytic model of cosmic star formation which incorporates
supernova feedback, gas accretion and enriched outflows, reproducing the
history of cosmic star formation, metallicity, supernovae type II rates and the
fraction of baryons allocated to structures. We present a new statistical
treatment of the available observational data on the star formation rate and
metallicity that accounts for the presence of possible systematics. We then
employ a Bayesian Markov Chain Monte Carlo method to compare the predictions of
our model with observations and derive constraints on the 7 free parameters of
the model. We find that the dust correction scheme one chooses to adopt for the
star formation data is critical in determining which scenario is favoured
between a hierarchical star formation model, where star formation is prolonged
by accretion, infall and merging, and a monolithic scenario, where star
formation is rapid and efficient. We distinguish between these modes by
defining a characteristic minimum mass, M > 10^{11} M_solar, in our fiducial
model, for early type galaxies where star formation occurs efficiently. Our
results indicate that the hierarchical star formation model can achieve better
agreement with the data, but that this requires a high efficiency of
supernova-driven outflows. In a monolithic model, our analysis points to the
need for a mechanism that drives metal-poor winds, perhaps in the form of
supermassive black hole-induced outflows. Furthermore, the relative absence of
star formation beyond z ~ 5 in the monolithic scenario requires an alternative
mechanism to dwarf galaxies for reionizing the universe at z ~ 11, as required
by observations of the microwave background. While the monolithic scenario is
less favoured in terms of its quality-of-fit, it cannot yet be excluded.Comment: Expanded discussion on the role of mergers and on reionization in the
monolithic scenario, refs added, main results unchanged. Matches version to
appear in MNRA