The concept of dynamic impedance is applied to radiation thermocouples. An equivalent circuit is derived, in terms of which the working of a thermocouple and the factors leading to high sensitivity can be visualized. Methods are given for measuring the dynamic impedance and it is shown that these measurements lead to values for thermo-electric power, heat loss from the receiver, and time constant of the thermocouple. Expressions are given, in terms of the dynamic impedance, for the important properties of radiation thermocouples, namely the signal-to-noise sensitivity, ultimate sensitivity, noise factor and power efficiency. These properties are thus obtained in terms of parameters that can be predicted from the design, or measured in the finished instrument. The sensitivity is found without recourse to micro-measurements and therefore independent of limitations set by the thermocouple amplifier. The expression for sensitivity differs from those previously published, and the discrepancy is discussed. The way in which the ultimate sensitivity might be approached in practice is indicated. The efficiency is shown to depend on the amount of radiation falling on the receiver of the thermocouple, but to be a constant fraction of the thermodynamic limit ΔT/T. For an ideal thermocouple the fraction is one-half, for an actual thermocouple it is less by a factor which we call the relative efficiency.