A detailed quantitative model of the mass transport and interfacial kinetics behavior of AMTEC electrodes has been developed and used to fit and analyze the performance of a wide variety of electrodes, and to make predictions of the performance of optimized electrodes. The interfacial electrochemical kinetics can be further described quantitatively with a tunneling, diffusion, and desorption model. A reversible thermodynamic cycle for AMTEC shows that it is, at best, slightly less efficient than a Carnot cycle.