Are Housing Prices Sustainable in 35 Large and Medium-Sized Chinese Cities? A Study Based on the Cheap Talk Game and Dynamic GMM

Round 1

Reviewer 1 Report

The authors wrote an interesting article on the aspect of housing prices in China. The article is well thought out, well structured. I find the research methodology as interesting.  

However, I propose to point out a few aspects:

• I like the literature part, which distinguishes two sub-chapters. However, in the literature there are no references to many important publications on the subject. This needs to be completed.
• lines 54 and 71 - error in numbering - should be 2.1 and 2.2.
• in the introduction - the part concerning the description of the article structure should be added
• point 6 "Conclusions and Suggestions" - in my opinion is not sufficient. The authors made only 4 suggestions. Part "Discussion" is missing. I believe it is necessary to add such a chapter. The results should be discussed in terms of other studies, and in terms of the literature.

 

Author Response

please see the attachment.

Author Response File: Author Response.pdf

Reviewer 2 Report

Review comments_sustainability

Polish English, many grammatical mistakes and errors in the paper.

The author should describe what is cheap talk game models in brief in the abstract.

What are the rationales for using two different models?

38-44 have missing citations, please check the whole paper again, there are many places with missing citations.

More references are needed. SSRN Journals should be replaced by the journals that were published by the journals, like references 1 and 15, please check and expand the reference section.

Please cite the following papers:

• Generation X and Y’s demand for homeownership in Hong Kong
• https://www.mdpi.com/2071-1050/10/2/341/html

Please add a data summary Table for Table 1 all variables such as Deviation in public information. We need a clear explanation on what these variables are and where do the data come from.

It looks quite odd to see data source in 5.2 after Table 1

Table 2. Description of sample data, where do this data source come from? Please state in the Table.

5.5. Selection of Estimation Method, please state the maths equation of System-GMM, theoretical background, previous applications as shown in the previous paper etc:

https://www.researchgate.net/publication/318161414_Dynamic_Panel_Analysis_of_Construction_Accidents_in_Hong_Kong

This section miss all the citation.

Author Response

please see the attachment.

Author Response File: Author Response.pdf

Round 2

Reviewer 2 Report

I have seen a great improvement in this paper and would like to see it publish online after minor revision.

In conclusion, please state the contributions of this paper and research gap that it filled.

3.1-4.1 Missing all citations, please add them back.

To exclude the impact of China’s welfare-oriented public housing distribution system before 1998, please state the reason for this.

Using a common method? What is this?

adaptive and rational expectations ? What are these?

Line 468, F should be f

Line 482, F should be f

"ore accurate and reliable the disclosed information on economic fundamentals, the more likely individual buyers are to make purchase decisions according to such information, thus maximizing overall social utility." Which part does it reflect this results?

How does China housing price as in a planned economy country different from other market economy? Is there anything which can be reflected here?

 

Author Response

Thank you for your advice, and after your insightful and detailed guidance, we think the quality of the paper has greatly improved. Thank you very much! Please see the attachment.

Author Response File: Author Response.pdf