Assoc. Prof. Volkan HACIOĞLU

Volkan Hacioglu was born in İstanbul, Turkey on 26 September 1977. He is the son of the poet Muammer Hacıoğlu. Between 1995-1996, he studied at Oxford House College in London, affiliated with the Holmes Institute, a leading international private educational institution in the world.

➤ [2003-2010] PHILOSOPHY OF DOCTORATE (Ph.D.) & MONEY ILLUSION TEST: LUCAS' "DEEP PARAMETERS"

In 2006 he matriculated in the Philosophy of Doctorate (Ph.D.) program in Economics with the coordination of Prof. Dr. Adrian Masters and advisor Prof. Dr. Thad W. Mirer in the Academic Staff of Research Assistant with Full Scholarship Status at State University of New York at Albany, College of Arts and Sciences. He received his Ph.D. with his thesis subject "Money Illusion as a Cause of Nominal Inertia" in 2010 under the supervision of Prof. Dr. Nihal Tuncer Terregrossa and appointed to the Assistant Professorship in 2016 and then to the Associate Professorship in 2022. In his first published article, which derives from the doctoral thesis in 2010, “Test of Money Illusion,” he employed Turkey’s Statistics Institute (TUIK) data compiled from the Life Satisfaction Survey between 2003 to 2009 years to use a new kind of utility measurement method with the aid of Likert Scale by turning cardinal utility into ordinal, calculating on micro foundations of macroeconomics with Lucas' (1976) words "deep parameters," and thereby implemented the money illusion test for the first time in Turkey.

➤ [2010-2013] INTERDISCIPLINARY APPROACHES: THE VIRTUAL SELF: A CONTEMPORARY SOCIOLOGY & THE END OF IDEOLOGY: ON THE EXHAUSTION OF POLITICAL IDEAS IN THE FIFTIES - [TRANSLATION STUDIES]

In line with an interdisciplinary approach, he translated The Virtual Self, a book by American sociologist Ben Agger, subtitled ‘A Contemporary Sociology’ into Turkish. The work, which was published in the Cultural Studies Series of Babylon Publications in 2011 and examined the sociology of the virtual world in a literary as well as scientific style, received many references in English and Turkish in the academic literature. With the same approach, he translated American sociologist Daniel Bell’s book The End of Ideology, which was considered as a classic even in its first edition in 1960, consisting of articles reflecting the socioeconomic and political analysis on the exhaustion of political ideas in the fifties together with the author's new article titled "The Beginning of History in the New Century," based on the edition of Harvard University Press. The translated work was published by Synthesis Publications in 2013 under the name of İdeolojinin Sonu. The End of Ideology is named by the Times Literary Supplement as One of the 100 Most Influential Books since the End of World War II. Considered as an important contribution to the Turkish literature, Daniel Bell's book İdeolojinin Sonu is a basic reference work cited by many academic and scientific studies.

➤ [2013-2014] FISHER'S "LOST" EQUATION: A "NEW" METHODOLOGICAL PROPOSITION FOR FISHER HYPOTHESIS TESTING - [ECONOMIC STUDIES]

In his research article titled "Fisher Hypothesis and the Role of Expectations," published in the Journal of Istanbul University Faculty of Economics in 2014 and whereof the first class scientific journal named Economic Analysis and Policy in the Social Sciences Citation Index (SSCI) which has been published quarterly within the body of the Australian Economics Society since 1970 by Elsevier, one of the most prestigious academic publishers in the world and edited by Professor Clevo Wilson from Queensland University of Technology, Prof. Dr. Onur Kural in his article titled "TheEfficiency of Primary Sovereign Bond Markets in Turkey: The So-Called FisherPuzzle Reconsidered" published in the 1st issue of the 73rd volume and dated March 2022 cited, he asserted a fundamental methodological proposition with a “new” approach to the Fisher Hypothesis Test by using Fisher's original "lost" equation instead of traditional Fisher equation.

Budapesti Műszaki és Gazdaságtudományi Egyetem

➤ [2014-2015] BAYESIAN EXPECTATIONS & STRATEGIC COMPLEMENTARITY: IMPLICATIONS FOR MACROECONOMIC STABILITY - [STATISTICAL STUDIES]

In 2014, at the International Conference on Emerging Markets, Business, Economics and Finance organized by the Budapest University of Technology and Economics that is the world's oldest Institute of Technology founded in 1782 and the first institute in Europe to train engineers at university level the Society for the Study of Emerging Markets (SSEM) he presented his paper titled "Bayesian Expectations and Strategic Complementarity," which includes implications for macroeconomic stability. This study, which he later developed and turned into an article, was published in the Elsevier Journal of Procedia Social and Behavioral Sciences in 2015 under the name of "Bayesian Expectations and Strategic Complementarity: Implications for Macroeconomic Stability.” Prof. Dr. James R. Wible from the New Hampshire University, Department of Economics in America attracted particular attention to this work, which is referred to in the international world literature, in his article published in the 1st issue of 2020 at 7th volume of The European Journal of the History of Economic Thought, “C. S. Peirce's Theory of Abductive Expectations,” referring both in the text and as a footnote.

➤ [2015-2016] DARON ACEMOĞLU & DAVID LAIBSON & JOHN A. LIST: MACROECONOMICS TEXTBOOK - [TRANSLATION STUDIES]

Daron Acemoğlu & David Laibson & John A. List's English textbook Macroeconomics which is an important reference in its field, was translated into Turkish as part of a translation project he carried out with a special working group comprised of academicians. Originally printed by Pearson Education Inc., Prentice Hall in 2015, the work was published in 2016 under the name of Makroekonomi by Beta Publishing, the prestigious brand of Turkish academic literature.

➤ [2016-2017] WORLD CONFERENCE ON TECHNOLOGY, INNOVATION & ENTREPRENEURSHIP: INNOVATION, GOVERNANCE AND ENTREPRENEURSHIP: HOW DO THEY EVOLVE IN MIDDLE INCOME COUNTRIES? NEW CONCEPTS, TRENDS AND CHALLENGES

He authored two separate chapters with co-authors in the collective book Innovation, Governance and Entrepreneurship: How Do They Evolve in Middle Income Countries? New Concepts, Trends and Challenges published in 2017 by the publisher of founding economists such as Alfred Marshall and John Maynard Keynes and headquartered in London, one of the world's largest publishing houses, Palgrave Macmillan’s branch in Cham in the Swiss canton of Zug. The chapeters in this source work, edited by Prof. Dr. Sefer Şener from the Istanbul University Faculty of Economics, Department of Economics, Technology and Industrial Economics Faculty Member and the European Union Innovation Policy Management Trilateral High Level Group Secretary General Prof. Dr. Stefan Schepers, are designed within the scope of the themes determined at the World Conference on Technology, Innovation and Entrepreneurship which was held every two years and attended by respected academics from the world's leading universities and he was also the Vice President of Academic Evaluation and Coordination together with the conference preparation workshop first organized at Çırağan Palace Kempinski in 2016.

➤ [2017-2019] "TECHNOLOGICAL CHANGE & ENTREPRENEURSHIP-AUGMENTED PRODUCTION FUNCTION": INNOVATION STRATEGIES IN AN ERA OF INDUSTRY 4.0

He explored the role of inventions and innovations in economic change in the co-authored original article titled "Invention and Innovation in Economic Change," in the 2nd issue of the 4th volume of June-July-August 2017 of the Journal of Economics, Finance and Accounting. While analyzing Transcendentalist and Mechanistic invention theories using a qualitative historicist-analytical methodology, he focused on the Cumulative Synthesis approach where economics meets the Gestalt philosophy. He examined innovative entrepreneurship under uncertainty in the original article titled “Innovative Entrepreneurship Under Uncertainty,” in the 2nd issue of the 6th volume of the scientific Journal of Business, Economics and Finance dated June-July-August 2017. He adapted the Reduced Present Value approach of the famous Polish economist Oscar Lange to the Bayesian rational expectations model and focused on an alternative dynamic learning model to the Black Box Methodology of the Classical Production Function. In the collective book with the heading Technology, Innovation and Entrepreneurship: Innovation Strategies and Industry 4.0 published in June 2019 again by Beta Publishing, the prestigious brand of Turkish academic literature, he authored two chapters titled "Technological Change and Entrepreneurship-Augmented Production Function" and "Rational Entrepreneurship and Strategic Innovation," in which he integrates the entrepreneurial factor into the production function.

➤ [2019-2020] THE ASSOCIATION FOR COMPARATIVE ECONOMIC STUDIES: COMPARATIVE ECONOMIC STUDIES REFEREES

In the 2nd issue of the 61st volume dated June 2019 of the scientific journal Comparative Economic Studies, where he served on the Board of Referees and published by the Association for Comparative Economic Studies (ACES), the journal editor and New York University faculty member Prof. Dr. Paul Wachtel published a letter of appreciation entitled "Comparative Economic Studies Referees" for his contribution to the evaluation of high quality articles together with 302 reputable academics from the world's leading universities. His article titled "Innovation Ecosystems and Sustainable Development” was published in the 2nd issue of December 2019 of the 14th volume of the Journal of  Entrepreneurship and Development which is released twice a year, in six-month periods, under the management of Çanakkale Onsekiz Mart University Dr. İbrahim Bodur Entrepreneurship Application and Research Center. His article titled "International Labor Organization and Information Systems Innovation" in the 77th special issue of the Journal of Social Policy Conferences—which is founded in Turkey for the first time in 1948 by the German economist and sociologist, distinguished professor Gerhard Kessler and became a peer-reviewed journal since 2003—with the theme '100^th anniversary of International Labor Organization' was accepted after the peer review and published in December 2019. It is the first Journal constituting the corpus of social politics at Istanbul University in Turkey and has an important place in the Faculty of Economics publications. 

➤ [2020-2021] CRASHED: HOW A DECADE OF FINANCIAL CRISES CHANGED THE WORLD? THE BACKGROUND OF 2008 FINANCIAL CRISIS BY ADAM TOOZE

He edited the book titled Crashed: How a Decade of Financial Crises Changed the World? in which distinguished British  economist Adam Tooze the Director of The European Institute at Columbia University tells the backstage of the 2008 financial crisis and has a great repercussion in the world when it is first released, for publication in VakıfBank Cultural Publications Economics Series. The book, which won the Lionel Gelber Award in 2019, which is considered the world's most important international award given to non-fiction works in English, was deemed among the notable books of 2018, as well as New York Times in the same year. It was chosen as the book of the year by The Economist magazine and was praised by New York Times critics. It was the work they ranked first.

➤ [2021-2023] THE UNIVERSITY OF SOUTH FLORIDA SARASOTA-MANATEE: JOURNAL OF GLOBAL BUSINESS INSIGHTS 

Since January 2021, he is the member of Editorial Board of international refereed scientific periodical Journal of Global Business Insights published by the University of South Florida Sarasota-Manatee which Princeton Review's educational organization ranked among America's best universities. Published twice a year, in six-month periods, by the University of South Florida Center for Technology and Innovation, and consisting of distinguished academics from leading universities in 51 different countries within the scope of the Declaration of Research Assessment accepted in San Francisco in 2012, the Editorial Board of the Journal of Global Business Insights (JGBI) contributes to scientific production with an interdisciplinary approach.

➤ [2023-2024] THE ASSOCIATION OF NORTH AMERICA HIGHER EDUCATION INTERNATIONAL: "CERTIFICATE OF EXCELLENCE IN REVIEWING" AWARD & THE SCENTIFIC AND TECHNOLOGICAL RESEARCH COUNCIL OF TÜRKİYE (TÜBİTAK) PROJECT

In 2023, he is deemed worthy of VI. International Özkan Mert Honor Awards: Translation Category Honor Award given in line with the criteria of "Living Human Treasures" by UNESCO. In March 2024, he received "Certificate of Excellence in Reviewing" Award given by the Association of North America Higher Education International in recognition of his outstanding contribution. In May 2024, his project titled "Money Illusion Test: An Application on the Turkish Economy" is entitled to be supported within the scope of TÜBİTAK 1002-A Rapid Support Module. The project aims to test the Money Illusion Hypothesis by estimating a dynamic model in which the micro data of the Life Satisfaction Survey conducted by the Turkish Statistical Institute (TUIK) showing the satisfaction of individuals with their household income according to their household income group is defined as the dependent behavioral variable, and the incomes of individuals (GDP time series data) and inflation (CPI time series data) are defined as independent behavioral variables, by going down to the micro foundations of macroeconomics and calculating "deep parameters" as stated by Lucas (1976). An alternative model that can be integrated into the Consumer Confidence Index (CCI) in the struggle against inflation is planned. The Money Illusion Test is being implemented for the first time in Turkey with this Project. Since Ordinal Utility is transformed into Cardinal Utility with the Likert Scale in the Project, there is no need for the Ordered Probit Model based on unit data used by German economists. In this sense, the original approach that established the Utility Transformation Matrix is also a first in the world. This original approach constitutes the original value of the Project. This feature was also pointed out in the referee report: "It has been assessed that the Project will provide significant original contributions to the relevant scientific field." The Project brings new concepts such as "The Utility Transformation Matrix," "The Rate of Money Illusion," "Income-Oriented Money Illusion" and "Price-Oriented Money Illusion" to the economics literature that can be used practically in the monetary policy implementations and price stability target of the Central Bank of the Republic of Turkey (CBRT).

LOGICAL PROPOSITIONS ON THE EXISTENCE (∃) AND NONEXISTENCE (∄) OF MONEY ILLUSION

The Rate of Money Illusion: λ = |β1| ÷ |β2| together with {λ ≠ 0} and λ ∈ ℝ⁺ are given;

• The Rate of Money Illusion: {λ = 1} ⇒ ∄ MI: Money Illusion Does Not Exist.

∵|β1| = |β2| [Rational expectations Hypothesis]

• The Rate of Money Illusion: {λ > 1} ⇒ ∃ IOMI: Income-Oriented Money Illusion Does Exist.

∵|β1| > |β2| [Adaptive Expectations Hypothesis]

• The Rate of Money Illusion: {0 < λ < 1} ⇒ ∃ POMI: Price-Oriented Money Illusion Does Exist.

∵|β1| < |β2| [Bayesian Expectations Hypothesis]

➤ [2024-2025] THE ECONOMIC ANALYSIS OF RANDOM EVENTS: ECONOMIC PERSPECTIVES ON PROBABILITY THEORY, STATISTICAL INFERENCE AND THE NATURE OF CHANCE

His original English scientific book titled The Economic Analysis of Random Events: Economic Perspectives on Probability Theory, Statistical Inference and the Nature of Chance was mentioned in January 2025 in the “Best Sellers” list of 2024 announced on the official website of Springer Nature, one of the world’s largest publishers. It ranked 14th among 39 works in the “Top 2024” list selected in the field of economics. A philosophical work that first established the Epistemological Matrix of Basic Knowledge Categories in statistics. The Economic Analysis of Random Events presents a model that integrates the Husserlian concept of the life-world ["Lebenswelt"], in reference to the proposition of the late “Pope” of statistics De Finetti, "Probabilities do not exist!", together with the term {epokhé}, which is the process of suspending all prejudices and assumptions of the mind according to the philosophy of Academic Skepticism, into the Epistemological Matrix of Basic Knowledge Categories. One of the original ideas in the book is the Scaling Law Function in the Reciprocal Form of Learning Curve, which the author conceives as the inverse of the Learning Curve. The author uses this function to illustrate a fundamental problem in Tverski & Kahneman's (1971) approach to the Law of Small Numbers. Tverski & Kahneman (1971) related the Scaling Law to the Law of Small Numbers without distinguishing it from the Poisson Law, and somehow related the Small Sample Size to the Law of Small Numbers. However, the Small Sample Size is not related to the Law of Small Numbers, as Tverski & Kahneman (1971) argued, but to the Small Data Size, which corresponds to the Slow Learning Phase Region of the Scaling Law Function.

He still works as a Faculty Staff at Istanbul University, Faculty of Economics, Program of Economics in English. He is a member of the “World Economics Association,” a professional association founded in 2011 that offers a pluralistic approach to the world of economics. He lives in İstanbul and spends certain times of the year in Bruges, Belgium  where his family dwells.