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Short duration lensing events tend to be generated by low-mass lenses or bylenses with high transverse velocities. Furthermore, for any given lens massand speed, events of short duration are preferentially caused by nearby lenses(mesolenses) that can be studied in detail, or else by lenses so close to thesource star that finite-source-size effects may be detected, yieldinginformation about both the Einstein ring radius and the surface of the lensedstar. Planets causing short-duration events may be in orbits with anyorientation, and may have semimajor axes smaller than an AU, or they may reachthe outer limits of their planetary systems, in the region corresponding to theSolar System's Oort Cloud. They can have masses larger than Jupiter's orsmaller than Pluto's. Lensing therefore has a unique potential to expand ourunderstanding of planetary systems. A particular advantage of lensing is thatit can provide precision measurements of system parameters, including themasses of and projected separation between star and planet. We demonstrate howthe parameters can be extracted and show that a great deal can be learned. Forexample, it is remarkable that the gravitational mass of nearby free-floatingplanet-mass lenses can be measured by complementing observations of aphotometric event with deep images that detect the planet itself. A fraction ofshort events may be caused by high-velocity stars located within a kpc. Manyhigh-velocity lenses are likely to be neutron stars that received large natalkicks. Other high-speed stars may be members of the halo population. Stillothers may be hypervelocity stars that have been ejected from the GalacticCenter, or runaway stars escaped from close binaries, possibly including theprogenitor binaries of Type Ia supernovae.

Short-duration lensing events: I. wide-orbit planets? free-floating low-mass objects? or high-velocity stars?