The "calorimetric criterion" is one of the important experimental approache
s for determining whether protein folding is an "all-or-none" two-state tra
nsition (i.e., whether intermediates are present at equilibrium). The calor
imetric criterion states that the equivalence of the "measured" calorimetri
c enthalpy change and the effective two-state van't Hoff enthalpy change de
monstrates that there is a two-stale transition. This paper addresses the e
ssential question of whether the calorimetric criterion is a necessary and
sufficient condition for a two-state process and shows that it is necessary
but not sufficient by means of specific examples. Analysis of simple model
s indicates that the heat capacity curve, regardless of whether ii originat
es from a two-state process or not, can always be decomposed in such a way
that the calorimetric criterion is satisfied. Exact results for a three-sta
te model and a homopolymer tetramer demonstrate that the deviation from the
calorimetric criterion is not simply related to the population of intermed
iate states. Analysis of a three-helix bundle protein model, which has a tw
o-state folding from a random coil to ordered (molten) globule, shows that
the calorimetric criterion may not be satisfied if the standard linear inte
rpolation of baselines (weighted or unweighted) is employed. A specific exa
mple also suggests that the more recently introduced deconvolution method i
s not necessarily better than the simple calorimetric criterion for disting
uishing a two-state transition from a three-state transition. Although the
calorimetric criterion is not a sufficient condition for a two-state proces
s, it is likely to continue to be of practical utility, particularly when i
ts results are shown to be consistent with those from other experimental me
thods.