Data　is　one　of　the　critical　factors　for　enterprises　to　grasp　business　opportunities　and　promote　the　development　of　Evergreen.　In　order　to　better　depict　user　portraits　and　carry　out　personalized　marketing,　enterprises　always　strive　to　obtain　user　data.　In　business　practice,　companies　have　two　classical　strategies　for　acquiring　user　data.　One　is　to　let　users　perceive　that　their　private　information　is　valuable　and　then　exchange　privacy　authorization　in　the　form　of　compensation　in　a　reciprocal　way,　which　is　called　the　“　benefit　exchange”　strategy.　The　other　is　to　let　individuals　perceive　that　they　have　control　over　privacy,　which　is　called　the　“　privacy　control”　strategy.　Previous　studies　have　broadly　confirmed　the　positive　role　of　the　above　strategies　in　promoting　privacy　disclosure.　However,　subsequent　studies　found　that　these　two　strategies　may　also　generate　different　outcomes.　For　example,　consumers　will　be　less　willing　to　disclose　their　private　information　after　paying.　Alternatively,　the　privacy　disclosure　rate　will　be　reduced　after　users　are　provided　with　control.　These　results　contradict　previous　studies.　The　current　study　proposes　the　double-edged　sword　effect　of　psychological　ownership　on　privacy　disclosure　based　on　the　theoretical　perspective　of　both　psychological　ownership　and　social　cognition　theory.　The　current　study　indicates　that　the　psychological　ownership　of　privacy　has　different　effects　on　privacy　disclosure　across　different　contexts.　Specifically,　in　the　context　of　“　benefit　exchange”,　increasing　psychological　ownership　over　personal　data　reduces　privacy　disclosure　behavior.　This　effect　can　be　explained　by　privacy　calculation.　In　the　“　benefit　exchange”　situation,　increasing　psychological　ownership　over　personal　data　increases　the　perception　of　privacy　value,　leading　participants　to　perceive　a　higher　feeling　of　loss　when　they　share　their　information.　Therefore,　participants　decreased　the　likelihood　of　privacy　disclosure.　While　in　the　context　of　“　privacy　control,”　increasing　psychological　ownership　over　personal　data　promotes　privacy　disclosure　behavior.　This　effect　arises　from　the　following　psychological　response:　psychological　ownership　increases　the　feeling　of　control　over　personal　data,　which　satisfies　individual　control　needs　and　increases　privacy　disclosure.　Four　hypotheses　are　developed　as　follows.　H1　In　the　context　of　benefit　exchange,　increasing　psychological　ownership　of　privacy　(vs.　neutral　condition)　reduces　privacy　disclosure.　H2　Perception　of　the　value　of　privacy　mediates　the　negative　effect　of　psychological　ownership　of　privacy　on　privacy　disclosure　in　the　context　of　benefit　exchange.　H3　In　the　context　of　privacy　control,　increasing　psychological　ownership　of　privacy　(vs.　neutral　condition)　promotes　privacy　disclosure.　H4　Perception　of　the　control　of　privacy　mediates　the　positive　effect　of　psychological　ownership　of　privacy　on　privacy　disclosure　in　the　context　of　privacy　control.　Results　of　four　lab　studies　support　all　of　the　four　hypotheses.　proposals.　This　study　contributes　several　aspects　as　follows.　First,　to　the　best　of　our　knowledge,　the　current　study　is　one　of　the　first　to　build　a　link　between　psychological　ownership　and　privacy　disclosure.　Psychological　ownership　and　privacy　disclosure　are　two　important　research　fields,　respectively.　In　real　life,　users′　natural　cognition　of　psychological　ownership　of　privacy　and　their　behavior　towards　privacy　disclosure　initially　reflect　the　relationship　between　the　two　fields.　However,　there　is　no　clear　link　between　these　two　fields.　This　study　constructs　the　relationship　between　psychological　ownership　and　privacy　disclosure　in　order　to　provide　insights　on　the　conflict　findings　of　the　impact　of　both　the　benefit　exchange　strategy　and　privacy　control　strategy　on　privacy　disclosure　by　previous　studies.　Second,　this　study　demonstrates　a　double-edged　sword　effect　of　psychological　ownership　on　privacy　disclosure.　That　is,　under　different　privacy　disclosure　contexts　(benefit　exchange　vs.　privacy　control),　psychological　ownership　has　different　effects　on　privacy　disclosure.　Specifically,　in　the　benefit　exchange　context,　increasing　psychological　ownership　of　privacy　reduces　privacy　disclosure　behavior,　while　in　the　privacy　control　context,　increasing　psychological　ownership　of　privacy　promotes　privacy　disclosure　behavior.　Third,　this　study　reveals　the　parallel　underlying　mechanisms　of　psychological　ownership　on　privacy　disclosure.　Specifically,　in　the　benefit　exchange　context,　users　are　primed　to　perceive　that　“　privacy　disclosure　is　about　benefit　exchange”　and　paid　more　attention　to　the　value　of　privacy.　At　this　time,　increasing　psychological　ownership　of　privacy　(vs.　neutral　condition)　enhances　individuals′　perception　of　the　value　of　privacy,　thus　reducing　privacy　disclosure.　In　the　privacy　control　context,　users　are　primed　to　perceive　that　“　privacy　disclosure　is　about　privacy　control”　and　users　paid　more　attention　to　privacy　control.　At　this　time,　increasing　psychological　ownership　of　privacy　(vs.　neutral　condition)　satisfies　individuals′　perception　of　privacy　control,　thus　promoting　privacy　disclosure.　This　study　also　provides　several　management　implications.　First,　this　study　answered　the　question　of　why　users　would　adopt　different　privacy　disclosure　behaviors　when　facing　different　privacy　policies,　which　provides　guidance　for　companies　to　obtain　user　privacy　authorization　more　effectively.　Since　the　law　doesn′t　point　out　the　ownership　of　personal　information,　this　study　crosses　over　the　private　ownership　in　the　real　world　and　turns　to　explore　the　psychological　ownership　of　privacy　and　reveals　its　double-edged　sword　effect　on　privacy　disclosure,　which　provides　new　insights　for　companies　to　obtain　user　privacy　authorization　under　the　current　law　framework.　Key　words:　Psychological　ownership;　Privacy　disclosure;　Privacy　calculus;　Control　perception　©　(2025),　(Zhejiang　University).　All　rights　reserved.