We investigate the behavior of flexible two-component bilayer and three-com
ponent monolayer membranes. The components are assumed to have different sp
ontaneous curvatures, and to mutually phase separate in planar membranes. A
s a function of temperature, lateral tension and bending rigidity, a rich p
hase behavior is obtained. In particular, we find three different types of
modulated phases. In symmetric bilayers, the excess component assembles at
the boundary between oppositely curved domains; in sufficiently asymmetric
bilayers, the excess component is found to preferentially assemble in a sin
glelayer, with no tendency for segregation to the domain boundaries. We sho
w that the phase behavior of three-component monolayer strongly resembles t
he behavior of two-component bilayers. In fact, in a certain, restricted re
gion of parameter space, the two models can be shown to be equivalent. [S10
63-651X(99)07210-4].