Transaction Characteristics and Fair Pricing Mechanisms in Multi-sided Markets of Trusted Data Spaces

The data element market is shifting from a direct bilateral supply-and-demand trading structure to a multi-party transaction model based on trusted data spaces. However, prior research has not yet adequately explained the transaction characteristics of trusted data spaces. This study focuses on the market pricing mechanism within trusted data space, clearly clarifies transaction subjects and objects from a multi-sided market perspective, analyzes the transaction characteristics across two phases—the cold-start phase and the orderly phase—and designs corresponding pricing mechanisms. The study reveals that during the cold-start phase, the market exhibits low participant activity, difficulties in internalizing positive externalities, cost shifting, and pricing mechanism failures. To address these issues, an asymmetric pricing mechanism incorporating cost compensation and option contracts is proposed to stimulate market vitality and facilitate the transition from the cold-start phase to the orderly phase. In the orderly phase, transactions are characterized by scale, product standardization, and risk sharing. Under the principle of fair pricing, three pricing models are advanced: a cost-based fundamental fair pricing model, a market-based competitive fair pricing model, and an incentive-based revenue-sharing fair pricing model, all aimed at improving pricing efficiency in multilateral markets. This study provides a theoretical foundation for phased pricing in data multilateral markets within trusted data spaces, contributing to the development and prosperity of the data element market.