This paper presents a new modeling framework for using real options theory to address agricultural research investment decisions. Because of the long lead-time between research and deployment of technology in farmers’ fields, there is a lot of uncertainty involved in the research process. The uncertainty springs from uncertainty in exogenous events, uncertainty in the outcomes of research processes, and the interaction between this uncertainty. Moreover, there are numerous actors involved in the research domain, whose decisions influence each other. The paper presents the state of the ongoing research.