Economics Professor Recognized Among Top 2% Scientists Worldwide

Mehmet Balcilar, Ph.D., a professor of economics at the University of New Haven, has been recognized among the top 2% of scientists worldwide. The prestigious ranking, compiled by Stanford University, highlights Dr. Balcilar’s contributions to economics and finance.

“It’s an honor to have my research recognized on a global scale,” says Dr. Balcilar. “It shows that the work I’ve done has been valuable and has contributed to the field.”

Dr. Balcilar’s name has been included on this list since its inception in 2019, with rankings that reflect both his single-year accomplishments and his lifetime career achievements.

Honored along with him are five other University of New Haven scientists, including Ronald S. Harichandran, Ph.D, and Chenglu Wang, in the career lifetime ranking and Fazel Mohammadi, Ph.D., Ramesh Sharma, Ph.D., and Dequan Xiao, Ph.D, for a single year (2023) ranking.

For Dr. Balcilar, this recognition reflects the ongoing impact of his research endeavors.

“I’ve been cited by many other scientists in my field,” he explains. “This is important because it validates that my research has made a significant contribution. It tells me the work I’m doing matters.”

Dr. Balcilar attributes his success to the longevity and relevance of his research. For him, it’s not just about publishing papers but producing knowledge that continues to be cited and referenced long after it’s published.

“The key factor is not just how many papers you publish but how long they stay relevant,” he says. “Some of my work has been cited more than 800 times. It’s about contributing research that stands the test of time.”

This focus on enduring contributions has guided Dr. Balcilar throughout his career. His research has consistently explored topics that challenge established ideas, offering fresh insights into financial markets and macroeconomic policies.

“It’s the long-term impact that counts,” he explains. “You want to produce work that remains useful and relevant for decades.”

Dr. Balcilar’s research revolves around how uncertainty affects decision-making, particularly in financial markets, investment strategies, and economic policies.

“Uncertainty is the most important factor in decision-making for businesses, governments, and society,” he says. “My work looks at reducing uncertainty, whether for investors or policymakers.”

From studying market volatility to forecasting in the housing market, Dr. Balcilar’s research has helped inform decision-makers on how to navigate complex economic environments.

“When you reduce uncertainty, you help people make better choices,” he says. “That’s what my research aims to do—give decision-makers the tools they need to act confidently in uncertain situations.”

Dr. Balcilar has found a supportive environment at the University of New Haven, where he has been a faculty member for two years. He credits the University with providing the resources and time he needs to continue his research.

“I’ve been very happy with the support I’ve received here,” he says. “The Pompea College of Business has great resources for faculty, including access to the data I need for my research. They also support faculty by prioritizing time for research.”

In addition to his research, Dr. Balcilar teaches courses in business analytics and machine learning, integrating his research into the classroom.

“I’m able to share my knowledge with students, which is very rewarding,” he adds. “The University allows me to balance both teaching and research, and that’s been crucial for my continued success.”

Looking to the future, Dr. Balcilar is turning his attention to a new area of research: climate change. Building on his expertise, he is now focusing on climate risk and its potential impact.

“It’s about quantifying the risks that climate change poses to markets and society,” he says. “I’m applying the same uncertainty modeling that I’ve used in the financial markets to this new challenge.”

For Dr. Balcilar, this shift represents both a continuation and an expansion of his work. His research on uncertainty, risk, and decision-making will now be applied to one of the most pressing issues of our time.

“It’s an exciting development for me,” he says. “I want to use my background to help address the risks that climate change presents.”

Reflecting on his career, Dr. Balcilar emphasizes the importance of perseverance and adaptability. He notes that not all research projects turn out the way you expect, but it’s important to learn from those experiences and to keep pushing forward.

“There are times when your research doesn’t produce the interest you expect,” he admits. “But every time that happens, you have to look back and think about how to reframe your work. You have to take risks if you want to produce valuable output.”

Dr. Balcilar also stresses the importance of collaboration in producing high-quality research. Over the years, he has built a strong network of colleagues who have helped him to expand his vision and to continue producing work that is widely recognized.

“Collaborating with other scientists has been crucial for me,” he says. “It’s important to work with people. That’s how you keep growing and producing work that matters.

“Taking risks, collaborating with others, and focusing on the long-term impact—that’s what I’ve learned,” he adds. “And that’s what I’ll continue to do.”