POINT-AGAPE is an Angle-French collaboration which is employing the Isaac N
ewton Telescope (INT) to conduct a pixel-lensing survey towards M31. Pixel
lensing is a technique which permits the detection of microlensing against
unresolved stellar fields. The survey aims to constrain the stellar populat
ion in M31, and also the distribution and nature of massive compact halo ob
jects (MACHOs) in both M31 and the Galaxy.
In this paper we investigate what we can learn from pixel-lensing observabl
es about the MACHO mass and fractional contribution in M31 and the Galaxy f
or the case of spherically symmetric, near-isothermal haloes. We employ det
ailed pixel-lensing simulations which include many of the factors that affe
ct the observables, such as non-uniform sampling and signal-to-noise ratio
degradation owing to changing observing conditions. For a maximum MACHO hal
o we predict an event rate in V of up to 100 per observing season for M31 a
nd 40 per season for the Galaxy. However, the Einstein radius crossing time
is measurable for less than 10 per cent of the events, and the observed fu
ll-width at half-maximum duration provides only a weak tracer of lens mass.
None the less, we find that the near-far asymmetry in the spatial distribu
tion of M31 MACHOs provides significant information on their mass and densi
ty contribution. We present a Likelihood estimator for measuring the fracti
onal contribution and mass of both M31 and Galaxy MACHOs, which permits an
unbiased determination to be made of MACHO parameters, even from data sets
strongly contaminated by variable stars. If M31 does not have a significant
population of MACHOs in the mass range 0.001-1 M., strong limits will resu
lt from the first season of INT observations. Simulations based on currentl
y favoured density and mass values indicate that, after three seasons, the
M31 MACHO parameters should be constrained to within a factor of 4 uncertai
nty in halo fraction and an order of magnitude uncertainty in mass (90 per
cent confidence). Interesting constraints on Galaxy MACHOs may also be poss
ible. For a campaign lasting 10 years, comparable to the lifetime of curren
t LMC surveys, reliable estimates of MACHO parameters in both galaxies shou
ld be possible.