Bioeconomic Modeling and the Management of Cold-Water Coral Resources

In the HERMES project, bioeconomic modeling is an integral part of the analysis of ocean hotspot management. This type of research is not commonly included in large, natural science projects. However, it is increasingly being shown that managing our common natural heritage requires an understanding not only of nature but also of human behavior and its interaction with nature. Bioeconomic analysis attempts to combine biological models with human behavioral models based on economic incentive mechanisms. Bioeconomic research in the HERMES project was used to inform management of one ocean hotspot: cold-water coral.