We provide a simple mathematical description of the exchange of energy between two fluids in an expanding Friedmann universe with zero spatial curvature. The evolution can be reduced to a single non-linear differential equation which we solve in physically relevant cases and provide an analysis of all the possible evolutions. Particular power-law solutions exist for the expansion scale factor and are attractors at late times under particular conditions. We show how a number of problems studied

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... n the literature, such as cosmological vacuum energy decay, particle annihilation, and the evolution of a population of evaporating black holes, correspond to simple particular cases of our model. In all cases we can determine the effects of the energy transfer on the expansion scale factor. We also consider the situation in the presence of anti-decaying fluids and so called phantom fluids which violate the dominant energy conditions.