A theoretical analysis is presented that allows in situ measurements of the physical properties of a composite electrode, namely, the electronic conductivity, the ionic conductivity, the exchange-current density, and the double-layer capacitance. Use is made of the current-voltage responses of the composite electrode to dc and ac polarizations under three different experimental configurations. This analysis allows the physical properties to be obtained even when the various resistances in the composite (e.g., ionic, electronic, and charge-transfer) are of comparable values. (C) 2003 The Electrochemical Society.