University News

Economics Professor Recognized Among Top 2% Scientists Worldwide

Mehmet Balcilar, Ph.D., is one of several University of New Haven faculty members included in the Stanford University/Elsevier Top 2% Scientist Rankings, earning a prestigious spot for both his lifetime achievements and single-year impact.

October 22, 2024

University of New Haven Orange Campus
University of New Haven Orange Campus, located in Orange, Connecticut, home to the Pompea College of Business.

Mehmet Balcilar, Ph.D., a professor of economics at the University of New Haven, . The prestigious ranking, compiled by Stanford University, highlights Dr. Balcilars contributions to economics and finance.

Its an honor to have my research recognized on a global scale, says Dr. Balcilar. It shows that the work Ive done has been valuable and has contributed to the field.

Dr. Balcilars 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.

Ive 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 Im doing matters.

Dr. Mehmet Balcilar
Dr. Mehmet Balcilar
Its about contributing research that stands the test of time

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

Its the long-term impact that counts, he explains. You want to produce work that remains useful and relevant for decades.

My work looks at reducing uncertainty

Dr. Balcilars 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. Balcilars 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. Thats what my research aims to dogive decision-makers the tools they need to act confidently in uncertain situations.

Im able to share my knowledge with students, which is very rewarding

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.

Ive been very happy with the support Ive 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.

Im able to share my knowledge with students, which is very rewarding, he adds. The University allows me to balance both teaching and research, and thats been crucial for my continued success.

I want to use my background to help address the risks that climate change presents

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.

Its about quantifying the risks that climate change poses to markets and society, he says. Im applying the same uncertainty modeling that Ive 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.

Its an exciting development for me, he says. I want to use my background to help address the risks that climate change presents.

You have to take risks if you want to produce valuable output

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 its important to learn from those experiences and to keep pushing forward.

There are times when your research doesnt 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. Its important to work with people. Thats how you keep growing and producing work that matters.

Taking risks, collaborating with others, and focusing on the long-term impactthats what Ive learned, he adds. And thats what Ill continue to do.