Decaying Vacuum Cosmology and its Scalar Field Description

We discuss the cosmological consequences of an interacting model in the dark sector in which the $\Lambda$ component evolves as a truncated power series of the Hubble parameter. In order to constrain the free parameters of the model we carry out a joint statistical analysis involving observational data from current type Ia supernovae, recent estimates of the cosmic microwave background shift parameter and baryon acoustic oscillations measurements. Finally, we adopt a theoretical method to derive the coupled scalar field version for this non-equilibrium decaying vacuum accelerating cosmology.