For the purposes of gravitational microlensing, it is useful to define
''close'' binary lenses to be those that generate light curves having
a single region of observable magnification; typically, the component
s of such a lens are separated by similar to 1-4 R(E). Microlensing by
such close binary systems has already been observed. Wide binaries-i.
e., those that can give rise to light curves with separate, disconnect
ed regions of magnification and that have larger separations-are more
common than close ones. Because the associated light curves can includ
e two separate regions of magnification, there may appear to be a ''re
petition.'' In this paper we quantify our expectations of the frequenc
y and characteristics of microlensing events that appear to repeat bec
ause the lens is a wide-binary system. We also point out that lensing
by wide binaries provides a promising channel for the discovery of pla
netary systems. We find that roughly 0.5%-2% of observed microlensing
events may exhibit apparent repetition because the lens is a wide bina
ry. Lensing by wide binaries is therefore likely to be observed in the
data collected by the present generation of microlensing experiments.
We derive likely distributions of properties. We find that, for most
events, one of the two regions of magnification has a maximum amplific
ation that is smaller than that required for detection of a single poi
nt-mass lens. Yet because such light curves exhibit a region of more s
ignificant magnification, they can, in principle, be well studied. If
such a study can lead to reliable methods to detect the second, less o
bvious region of magnification, it may also provide insight into the b
est ways to definitively identify lensing by low-mass single lenses.