Economic efficiency of investment in greenhouse vegetable production without heating

This paper analyzes the economic effectiveness of vegetable production in a protected area in terms and in a manner that is characteristic of the analyzed area (Bijeljina, Bosnia and Herzegovina). Dynamic methods for evaluating the economic feasibility of the investment were applied to two models of vegetables production in greenhouses. Models represent completely alternative investments, so the choice between them is based on the net present value. Economic justification under risk conditions was checked using the scenario analysis. The results of the survey indicate that the investments in both models are justified both in optimal and risky production conditions. The model that includes the production of two crops is economically more efficient than the production of one crop per year. The same model will take precedence also in risky production conditions, as indicated by the higher expected net present value and lower value of the coefficient of variation