Hotani has filmed morphological transformations in unilamellar liposom
es, starting from a spherical shape, when the interior volume decrease
s steadily. Hotani's liposomes showed no evidence of general thermal f
luctuations. We use a finite-deformation theory of axisymmetric, quasi
-static thin shells to analyze theoretically bifurcations and changes
of shape in liposomes under decreasing volume. The main structural act
ion in a lipid bilayer is generally agreed to be its elastic resistanc
e to bending, and it is usual to regard surface deformation as being l
ike that of a two-dimensional liquid. We find, however, that some in-p
lane shear elasticity is also needed in order to produce the observed
post-bifurcation behavior. Such an elasticity would be difficult to me
asure directly.