The dynamic response of a gas fluidised bed has been measured for a range of particle sizes of lead glass ballotini and a range of particle Reynolds numbers. A dispersion model has been formulated that includes the effects of gas and particle mixing, fluid-to-particle heat transfer and intraparticle thermal conductivity, and the dynamic thermal response in theory has been found by solving the partial differential equations in the Laplace transform domain. The coefficient of thermal dispersion, the particle-to-fluid heat transfer coefficient and the intraparticle thermal conductivity have been found for the experimental response by non-linear regression. The coefficient of axial dispersion was found to be large and the particle to fluid heat transfer coefficients agreed with an established correlation for fixed and fluidised beds. The intraparticle thermal conductivity agreed with literature values for lead glass, the estimates showed no trend with flowrate, and the standard deviation of the estimate was three times smaller than the deviation found from similar experiments in fixed beds.