In two preceding articles the complex shear viscosity of a dispersion of vesicles has been determined and from an observed macroscopic relaxation time that pertains to deformation of vesicles a value of the static shear modulus has been calculated with the use of the Oldroyd model. In the present paper this model has been extended by incorporating in the shear behavior of the lipid bilayer a linear viscoelastic behavior with one relaxation time in order to be able to relate the macroscopic relaxation time to a dynamic shear modulus instead of a static shear modulus. The latter is believed not to exist. With the extended Oldroyd model the experimental results can be interpreted. This leads to a value of the dynamic shear modulus.
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