Our intent is to provide a simple and quantitative understanding of the var
iability of the axial dipole component of the geomagnetic field on both sho
rt and long time scales. To this end we study the statistical properties of
a prototype nonlinear mean field model. An azimuthal average is employed,
so that (1) we address only the axisymmetric component of the field, and (2
) the dynamo parameters have a random component that fluctuates on the (fas
t) eddy turnover time scale, Numerical solutions with a rapidly fluctuating
a reproduce several features of the geomagnetic field: (1) a variable, dom
inantly dipolar field with additional fine structure due to excited overton
es, and sudden reversals during which the field becomes almost quadrupolar,
(2) aborted reversals and excursions, (3) intervals between reversals havi
ng a Poisson distribution. These properties are robust, and appear regardle
ss of the type of nonlinearity and the model parameters. A technique is pre
sented for analysing the statistical properties of dynamo models of this ty
pe. The Fokker-Planck equation for the amplitude a of the fundamental dipol
e mode shows that a behaves as the position of a heavily damped particle in
a bistable potential proportional to (1-a(2))(2), subject to random forcin
g. The dipole amplitude oscillates near the bottom of one well and makes oc
casional jumps to the other. These reversals are induced solely by the over
tones. Theoretical expressions are derived for the statistical distribution
of the dipole amplitude, the variance of the dipole amplitude between reve
rsals, and the mean reversal rate. The model explains why the reversal rate
increases with increasing secular variation, as observed. Moreover, the pr
esent reversal rate of the geodynamo, once per (2-3) x 10(5) year, is shown
to imply a secular variation of the axial dipole moment of similar to 15%
(about the current value). The theoretical dipole amplitude distribution ag
rees well with the Sint-800 data.