Using a novel technique of modulated photodissociation of carbon monoxide from hemoglobin, we have obtained the rates for conversion between the two quaternary states, R and T, at 3fold ligation. Our measurements at pH 7 and 220 give rates of 780 + 40 sec1 for going from R to T, and 2500 i 200 secI from T to R. This yields an equilibrium constant of 0.31 + 0.04, which is in good agreement with previous estimates. The degree of agreement between this equilibrium constant and that predicted from the allosteric model provides a new, quantitative test of the allosteric description. A sequential model for the change in structure was found incompatible with the data, even if kinetic subunit inequivalence was assumed. The technique described here is quite general and can be used as long as the system under investigation can be repetitively excited in a regime in which it responds linearly to the excitation. Efficient oxygen transport by hemoglobin depends on alteration of its affinity in the course of ligand binding. A wide range of kinetic and equilibrium data is described successfully by a two-state, or allosteric model (1), which posits that the affinities are chiefly controlled by the quaternary structure of hemoglobin. The parameters of this model are the ligand binding and release rates for each of the two structures (R and T) and a set of rates for conversion between the R and T structures with zero to four ligands bound to the tetramer. The model requires that the binding and release rates be independent of the degree or level of ligation, although the interconversion rates may differ for the various degrees of ligation. Despite their importance to the model, there have been few measurements of any rates of change between conformational states (2-4), and no measurements of rate pairs from which equilibrium constants between the R and T structures might be obtained.We have studied the kinetics of the binding of the last ligand to the 3fold ligated tetramer by means of modulated excitation, and thereby measured the rates of conversion between R and T structures. This method of kinetic study has unique abilities in measuring the time constants of molecular processes that have similar spectral changes and similar time constants. The technique differs from conventional kinetics in that an excitation is repetitively applied and phase-sensitive detection is used. The latter is superior to signal averaging since it permits large signals to be nulled, revealing much weaker relaxation components. With this method, the optical absorption spectrum of the excited species can be obtained simply by scanning a monochromator, so that the separation of different components in the relaxation is assisted by the wealth of information available from static spectra. We have used a mechanically chopped light beam to drive our Hb(CO)4 sample out of equilibrium. A second beam-the analyzing beam-also passes through the sample to a photodetector. The signal from this detector is fed to a lock-in amplifier. The analyzing beam is mo...