We discuss physical and mathematical aspects of the overdamped motion of a
Brownian particle in fluctuating potentials. It is shown that such a system
can be described quantitatively by fluctuating rates if the potential fluc
tuations are slow compared to relaxation within the minima of the potential
, and if the position of the minima does not fluctuate. Effective rates can
be calculated; they describe the long-time dynamics of the system. Further
more, we show the existence of a stationary solution of the Fokker-Planck e
quation that describes the motion within the fluctuating potential under so
me general conditions. We also show that a stationary solution of the rate
equations with fluctuating rates exists.