Dikey tarımın İstanbul, Türkiye'de black scholes reel opsiyon modeli ile ekonomik değerlendirilmesi

The rapid increase in the population and the trend of urbanization in the world create the danger that a food crisis may be encountered in the future. In addition, reasons such as climate change and degradation of farmlands increase this concern. For these reasons, new agriculture methods are gaining popularity. Vertical farming practices, which is one of these methods, are rapidly becoming widespread nowadays. Although there are many studies on vertical farming practices in the literature, there is a need for special studies to evaluate its' regional competitiveness in the market. In this thesis, we examined the economic feasibility of a midscale 200 square meter hypothetical vertical farming investment in Istanbul. Since the inputs and outputs were determined in the studies on lettuce cultivation in the literature, we assumed that our facility produces lettuce. In the study we conducted on the high selling price of wholesale market with the Net Present Value method, we concluded that our production facility was almost at the break-even point in the 10-year production period, and that it could be more profitable with the Black-Scholes method. However, since vertical farming products priced higher, more positive, and promising results have been obtained with both NPV and Black-Scholes method in the scenario where we work on higher sales prices than wholesale prices. In the light of the data we have obtained, we have concluded that, although it requires additional research, investments such as existing profitable facilities around the world, would be economically efficient in Turkey as well.