Forest stands are thinned all over the world. Yet there was hitherto no consistent theory
which allowed deriving unambiguous conditions for thinnings as the harvest of trees prior to
the rotation age. Renke Coordes closes this gap by proposing a new more general view on the
Faustmann model as the basic investment model in forest resource economics. With the
introduction of mutual interdependencies between the trees growing in a stand and the
opportunity to harvest trees prior to the rotation age optimal thinning regimes can be derived
and analyzed. The implications of the proposed model are thoroughly discussed against the
background of practical forest management decisions. The author closes with adaptations to the
problems of the management of mixed multiple-use and uneven-aged stands and entire forests. In
this way a unified perspective on the management of forests as natural resources is offered.
