Abstract
Projected ensembles---the collections of conditional pure states induced on a system by measuring an entangled environment---have become central objects in quantum science, underlying deep thermalization, quantum state designs, the emergence of classicality, and exhibiting interesting phase transitions. Here we develop a general and exact theory of their dynamics, yielding a systematic approach to their dynamics and equilibrium and non-equilibrium stationary states. We derive an exact continuity equation on quantum state space for the projected ensemble, together with microscopic kinetic equations and analytical expressions for the probability flux and source terms generated by the system-environment interaction. The resulting dynamics admits a classical representation: isolated systems obey Hamiltonian transport and Liouville's theorem, while open systems are described by a kinetic theory of probability transport. The stationary continuity equation provides a general characterization of equilibrium and non-equilibrium stationary projected ensembles, which can be analyzed through the method of characteristics. The theory provides an analytical framework for studying the emergence, structure, and timescales of equilibrium and non-equilibrium stationary projected ensembles, with applications ranging from deep thermalization and the emergence of classicality to random quantum-state generation and quantum device benchmarking.