Readiness and failure semantics are studied in the setting of Algebra of Communicating\ud Processes (ACP). A model of process graphs modulo readiness equivalence, respectively, failure equivalence,\ud is constructed, and an equational axiom system is presented which is complete for this graph model. An\ud explicit representation of the graph model is given, the failure model, whose elements are failure sets.\ud Furthermore, a characterisation of failure equivalence is obtained as the maximal congruence which is\ud consistent with trace semantics. By suitably restricting the communication format in ACP, this result is\ud shown to carry over to subsets of Hoare's Communicating Sequential Processes (CSP) and Milner's Calculus\ud of Communicating Systems (CCS). Also, the characterisation implies a full abstraction result for the failure\ud model. In the above we restrict ourselves to finite processes without r-steps. At the end of the paper a\ud comment is made on the situation for infinite processes with r-steps: notably we obtain that failure semantics\ud is incompatible with Koomen's fair abstraction rule, a proof principle based on the notion of bisimulation.\ud This is remarkable because a weaker version of Koomen's fair abstraction rule is consistent with (finite)\ud failure semantics
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