  We present results from a systematic numerical study of decaying turbulence
in a dilute polymer solution by using a shell-model version of the FENE-P
equations. Our study leads to an appealing definition of drag reduction for the
case of decaying turbulence. We exhibit several new results, such as the
potential-energy spectrum of the polymer, hitherto unobserved features in the
temporal evolution of the kinetic-energy spectrum, and characterize
intermittency in such systems. We compare our results with the GOY shell model
for fluid turbulence.
