This study proposes a promising allocation mechanism of the Caspian Sea natural resources, which are presently shared among five countries. To date, these nations have been unable to reach an allocation agreement. We apply a methodology to propose the most appropriate solution under different risk attitudes of the states. This research is different from other studies regarding the Caspian Sea negotiations in that it employs risk-based fuzzy multi attribute decision making methods for simulating the risk attitudes or optimism/pessimism degrees of the decision makers. The ordered weighted averaging (OWA) approach, which considers the optimism/pessimism degree quantitatively, is used to take into account the effects of different risk attitudes of the negotiators on the final outcome. We demonstrate how one could obtain a range of alternatives under different multi attribute and risk attitudes. The induced OWA (IOWA) method is also used to determine the relative power of these states bordering the Caspian Sea by considering several attributes, including different risk attitudes of agents. Results indicate that taking into account the risk attitude (prone, neutral, averse) of the states can affect the overall ranking of the proposed solutions. The findings from this study may facilitate negotiation regarding the most preferred allocation mechanism for the Caspian Sea.