Abstract: In the past， when researchers studied the selection of third-party logistics suppliers(3PLS)， it was generally assumed that third-party logistics suppliers have a risk-neutral attitude towards fourth-party logistics integrators(4PLI)， which is often inconsistent with reality. In order to make the research more realistic， considering that the third-party logistics providers have a risky attitude， the fourth-party logistics integrators select the third-party logistics suppliers through a multi-attribute reverse auction. Through case design and related experiments， it is found that the risk attitude is measured by the risk measurement method of conditional value at risk (CVaR)， which integrates risk factors into the multi-attribute reverse auction， breaking the traditional assumption that the fourth-party logistics integrators assume risk neutrality when selecting them. Moreover， the commonly used CVaR method in risk measurement is integrated into supplier selection， which is innovative. Comparing different levels of risk aversion and risk neutrality， the result shows that 4PLI is the most beneficial when 3PLS is risk-neutral， and when 3PLS is under risk aversion， the lower the degree of risk aversion， the more beneficial it is for 4PLI.

Key words: fourth-party logistics integrator(4PLI); third-party logistics supplier(3PLS); multi-attribute reverse auction; CVaR; risk aversion