The problem of reaction kinetics in microdisperse systems undergoing c
ollisional exchange is addressed. The migration of reactants is sugges
ted to occur as successive one-particle hopping through fluctuational
channels between the droplets during their collisions with temporary m
erging. The redistribution dynamics within the droplet encounter pair
are described using a stochastic approach. The resulting transition pr
obability is calculated as a function of the hopping frequency and the
characteristic lifetime of the connecting channels. A hopping mechani
sm for collisional exchange is employed in analyzing migration-assiste
d time-resolved luminescence quenching. Applications to fluorescence s
topped-flow experiments are also discussed. The model is further exten
ded to include reaction during micellar collisions. An important parti
cular case of an instantaneous reaction is considered, with special re
gard to concentration jump experiments.