New classical economics theory holds that the region which has rational economic man character will conduct research and development because of self interest. An anonymous person theorem of game theory holds that economic man's unlimited repetition game will result in cooperation. On the basis of the two theories, this paper points out a regional cooperative research and development model based on stock option theory. The model recognizes that research and development between regions will certainly happen as long as uncertainty and competition pressure exist and that optimized regional interest is the motive for cooperative research and development between regions.