Theoretical analysis of the stopped-flow fluorescence time-scan method, as
applied for studying the exchange dynamics in micelle solutions, is present
ed on the basis of the stochastic model of solubilization. Different exchan
ge mechanisms are considered with a focus on the collisional one-particle h
opping, where the exact solution for the experimentally observable relaxati
on function is obtained, and the fusion-fission. It is emphasized that what
ever the mechanism of exchange is, the long-time relaxation rate constant i
s independent of the initial condition in the stopped-flow mixing.