Certain representations of basic scientific knowledge can be coupled with traditional micro-economic analysis to provide an analysis of rational research planning or agenda setting in basic science. Research planning is conceived of as a resource allocation decision in which resources are being allocated to activities directed toward the solution of basic scientific problems. A structuralist representation of scientific knowledge will be employed to provide a relatively precise characterization of a basic scientific problem. The main thrust of the analysis consists in describing various ways in which values enter into those decisions. Distinction is made between internal and external values operating in these decisions. The discussion focuses on exploiting this representation of knowledge in a manner which will illuminate the scientific value of solving certain basic problems. A micro-economic approach to the problem of resource allocation suggests that it may be fully understood in terms of values (or utilities) and probabilities attached to the solution of the problems by the decision makers. A bibliography of 12 items is included. (Author/PPB)