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The research on mixed-species forestry has rapidly increased in recent decades because there is a growing interest in these types of stands for environmental reasons. Their positive influence on ecosystem biodiversity, stability and resilience, as well as their role in the new challenge brought up by the adaptation to global change, have been the object of many research works. However, the economic implications of mixed-species forest management have not deserved the same attention. The objective of this work is to study the effect of species interactions on productivity, and to economically assess this effect. This research is focused on the analysis of financial return and risk in even aged mixed stands of Pinus sylvestris and Fagus sylvatica in Northern Spain. Growth and yield projections for monospecific and mixed stands of Scots pine and European beech were made by means of a previous model developed from a set of the Spanish National Forest Inventory plots in the region of Navarre. Data from yield tables for both species were used. The effect of species proportion on total stand yield was assessed and transgressive overyielding was found for some mixing ratios. A data series on average stumpage price for both species in Spain over a 29-year period was compiled and the joint probability distribution of price data was used to generate 500 price scenarios. Different management alternatives based on species proportion and rotation age were considered and evaluated in terms of profitability and risk. Some management recommendations can be derived from the results obtained, which point at an optimum mixing ratio from 30% to 40% Scots pine and 70% to 60% European beech.

Effect of Species Complementarity on Financial Return in Mixed Stands of European Beech and Scots Pine in Northern Spain