This paper investigates the conditions for private resource equilibrium in an industry exploiting competitively a common property resource when private returns are uncertain. When firms display risk aversion it is argued that the compensation for risk bearing should be viewed as an appropriate resource rent. This rent is not fully dissipated when private resources have no incentive to either exit or enter as it would be when returns are certain. The magnitude of uncertainty in the New England ground fish fleet is investigated, and the level of rent appears to be consequential.