We have slightly different models. You've obviously put more thought into yours, but I still like mine better, though I entirely admit I haven't studied the implications of either.
Your model challenges two fundamental assumptions, and mine only does one.
For my model, the speed of light remains constant, but the energy of the photon decreases as it travels. A photon is a car fueled with itself, slowly burning itself up, though I'm not committed to it entirely burning itself up in the limit.
I wouldn't think this would have anything to do with "dust". Just travel through free space. I'm not explaining the effect, which I'd guess would require general relativity, just noting it as a possible mechanism for the observed red shift.
La Wik:
Following after Zwicky in 1935, Edwin Hubble and Richard Tolman compared recessional redshift with a non-recessional one, writing that they:
... both incline to the opinion, however, that if the red-shift is not due to recessional motion, its explanation will probably involve some quite new physical principles [... and] use of a static Einstein model of the universe, combined with the assumption that the photons emitted by a nebula lose energy on their journey to the observer by some unknown effect, which is linear with distance, and which leads to a decrease in frequency, without appreciable transverse deflection.[16]
Sounds about right to me.
the energy of the photon decreases as it travels
Does it go somewhere or you're discarding the Conservation of Energy?
I am submitting this on behalf of MazeHatter, who originally posted it here in the most recent open tread. Go there to upvote if you like this submission.
Begin MazeHatter:
I grew up thinking that the Big Bang was the beginning of it all. In 2013 and 2014 a good number of observations have thrown some of our basic assumptions about the theory into question. There were anomalies observed in the CMB, previously ignored, now confirmed by Planck:
http://www.esa.int/Our_Activities/Space_Science/Planck/Planck_reveals_an_almost_perfect_Universe
We are also getting a better look at galaxies at greater distances, thinking they would all be young galaxies, and finding they are not:
http://carnegiescience.edu/news/some_galaxies_early_universe_grew_quickly
http://mq.edu.au/newsroom/2014/03/11/granny-galaxies-discovered-in-the-early-universe/
B. D. Simmons et al. Galaxy Zoo: CANDELS Barred Disks and Bar Fractions. Monthly Notices of the Royal Astronomical Society, 2014 DOI: 10.1093/mnras/stu1817
http://www.sciencedaily.com/releases/2014/10/141030101241.htm
http://www.nasa.gov/jpl/spitzer/splash-project-dives-deep-for-galaxies/#.VBxS4o938jg
Although it seems we don't have to look so far away to find evidence that galaxy formation is inconsistent with the Big Bang timeline.
http://www.natureworldnews.com/articles/7528/20140611/galaxy-formation-theories-undermined-dwarf-galaxies.htm
http://arxiv.org/abs/1406.1799
Another observation is that lithium abundances are way too low for the theory in other places, not just here:
http://news.nationalgeographic.com/news/2014/09/140910-space-lithium-m54-star-cluster-science/
It also seems there is larger scale structure continually being discovered larger than the Big Bang is thought to account for:
http://www.sciencedaily.com/releases/2014/11/141119084506.htm
D. Hutsemékers, L. Braibant, V. Pelgrims, D. Sluse. Alignment of quasar polarizations with large-scale structures. Astronomy & Astrophysics, 2014
http://www.sciencedaily.com/releases/2013/01/130111092539.htm
These observations have been made just recently. It seems that in the 1980's, when I was first introduced to the Big Bang as a child, the experts in the field knew then there were problems with it, and devised inflation as a solution. And today, the validity of that solution is being called into question by those same experts:
http://www.physics.princeton.edu/~steinh/0411036.pdf
What are the odds 2015 will be more like 2014 where we (again) found larger and older galaxies at greater distances, or will it be more like 1983?