The pace at which technology is expanding the discovery of an access to submerged cultural resources appears to have outstripped institutional abilities to ensure resource conservation. These events present a dilemma which cannot be resolved or even examined properly without a clear understanding of the following factors: the effects of technology development, the influence of legal rules and ethical norms, and the structure of institutions, such as markets, through which the valuable attributes of submerged cultural resources are allocated. With sponsorship from the National Science Foundation (NSF), an interdisciplinary research team led by scientists at the Woods Hole Oceanographic Institution (WHOI) has begun to examine these factors and value conflicts. In April 1993, a Mid-Course Planning Meeting was organized to report on research in progress, to get feedback from the project advisors and other participants, to discuss useful mid-course corrections, and to begin planning project outreach. The publication reports on the results of the April 1993 meeting, and is organized into five sections.