morphisms-of-computational-structures
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Examine this paper: On the Origins of Bisimulation and Coinduction
http://www.cs.unibo.it/~sangio/DOC_public/history_bis_coind.pdf
Discussion here: http://lambda-the-ultimate.org/node/2522
Related work: https://dspace.mit.edu/handle/1721.1/64850 as it touches upon observational equivalence
Idea of improvement: http://www.cse.chalmers.se/~dave/papers/cbneed-theory.pdf This can be thought of as bisimulation but with less resource usage.