We study a family of equations defined on the space of tensor densities of weight lambda on the circle and introduce two integrable PDE. One of the equations turns out to be closely related to the inviscid Burgers equation while the other has not been identified in any form before. We present their Lax pair formulations and describe their bihamiltonian structures. We prove local wellposedness of the corresponding Cauchy problem and include results on blow-up as well as global existence of solutions. Moreover, we construct "peakon" and "multi-peakon" solutions for all lambda not equal 0, 1, and "shock-peakons" for lambda = 3. We argue that there is a natural geometric framework for these equations that includes other well-known integrable equations and which is based on V. Arnold's approach to Euler equations on Lie groups.