In recent years, the data trading industry has thrived on data assetization. However, given the increasing privacy concerns of the main data providers—individual users—their willingness to disclose data is in decline. Meanwhile, enterprises may violate privacy laws by profiting from co-creation data without user permission, blocking a significant amount of co-creation data from full circulation. This study establishes the utility function of users under three choices—purchase, sale, and maintaining the status quo—that quantify the privacy calculus mechanism and introduce privacy-related variables, employing references and interviews with Tencent employees and users. Accordingly, examining the decision-making behavior of users helped establish a data property rights two-way transaction model comprising six scenarios and, hence, six corresponding platform decisions. Indeed, the model can solve the noted dilemma and realize a Pareto improvement of the utilities of the platform and users. This study contributes a new perspective, constructs a data property rights two-way transaction model, expands the pricing theory boundary, and provides a decision reference for data trading practice, allowing enterprises to establish new business models.

近年来，数据交易行业因数据资产化而蓬勃发展。然而，鉴于主要数据提供者（个人用户）对隐私的担忧日益增加，他们披露数据的意愿正在下降。同时，企业可能会在未经用户许可的情况下从共创数据中获利，从而违反隐私法，导致大量共创数据无法充分流通。本研究通过对腾讯员工和用户的参考和访谈，建立了用户在购买、出售和维持现状三种选择下的效用函数，量化了隐私演算机制并引入了隐私相关变量。据此，通过考察用户的决策行为，建立了包含六种场景的数据产权双向交易模型，从而：六个相应的平台决策。事实上，该模型可以解决上述困境，实现平台和用户效用的帕累托改进。该研究贡献了新的视角，构建了数据产权双向交易模型，拓展了定价理论边界，为数据交易实践提供决策参考，让企业建立新的商业模式。