Production of timber in forest stands is described by a production function. The variable inputs of the function are land and growing stock and the output is the annual value growth. The partial derivatives of this production function express the marginal productivity of the land and of auction function express the marginal productivity of the land and of the growing stock. These marginal productivities can be utilized for determination of the need of regeneration and thinning. The stand should be regenerated when the marginal productivity of the land falls below the annual rent of a unit area of open land and thinned when the marginal productivity of the growing stock falls below the annual rent of one unit of growing stock.
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