For each time $t$, the regression function $m_t(x)=E[Y_t\mid X_t=x]$ of an outcome on contemporaneous covariates can be regarded as a field on covariate space. We study how this field evolves when the covariates of individual units move as a diffusion and the outcome attached to each unit changes according to its own dynamics. Under mild regularity we show that $m_t$ satisfies a second-order evolution equation whose diffusion term is $\frac12\mathrm{tr}(Σ\nabla^2 m_t)$, the trace of the Hessian of the regression function weighted by the instantaneous covariance $Σ$ of the covariate increments, whose transport term is the drift of the time-reversed covariate process, and whose source term is the conditional mean rate of change of the outcome. The equation is a regression-theoretic reading of a classical transport law, and it yields a Feynman-Kac representation of $m_t$ along reversed covariate paths. We connect the Hessian appearing in the equation to the Hessian estimated by quadratic regression (under Gaussian design the best quadratic approximation has Hessian $E[\nabla^2 m(X)]$ exactly) and to the leading bias of kernel smoothers. For binary outcomes governed by bistable replicator dynamics with imitation among units with similar covariates, the closed equation is of Nagumo type, its planar travelling fronts are exactly logistic in $(x,t)$, and a single logistic regression of the outcome on covariates and time identifies the ratio of diffusion to reaction and the direction of invasion. We discuss identification under panel versus repeated cross-sectional designs and a two-stage estimation strategy, and we illustrate the results with simulations.

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