Pinus pinea is one of the most important tree species in the Mediterranean region due to the economic value of its edible seeds called “piñones”. Timber also represents an important source of income from this species. Generally, P. pinea stands have been managed to maximize either timber or seed production, optimization of the joint production of both products being rare. The difficulty in optimizing seed or joint production is the highly stochastic masting habit of P. pinea. The aim of the present study was to find the optimal management of P. pinea stands from the economic point of view when both seed and timber production are considered. A growth and yield model was employed to simulate the dynamics of P. pinea stands of the northern Iberian Peninsula. The novelty of the study is the implementation of a cone yield model that is able to predict expected cone harvests and seed yields when masting is stochastic. The model was linked with an optimization algorithm to obtain optimal schedules for two different stands. The results showed that seed production of P. pinea in the northern plateau of the Iberian Peninsula may increase the soil expectation value by more than 300 % in dense stands and 200 % in sparse stands. When seed yields were considered, rotation lengths were longer and thinnings were delayed. The results were highly sensitive to cone prices and discount rates.
