Generation of Bianchi type V cosmological models with varying $\mathrm{\Lambda }$-term

Bianchi type V perfect fluid cosmological models are investigated with cosmological term $\mathrm{\Lambda }$ varying with time. Using a generation technique (Camci {\it et al.}, 2001), it is shown that the Einstein’s field equations are solvable for any arbitrary cosmic scale function. Solutions for particular forms of cosmic scale functions are also obtained. The cosmological constant is found to be decreasing function of time, which is supported by results from recent type Ia supernovae observations. Some physical aspects of the models are also discussed.