with Milgrom. During what was supposed to be a brief meeting to ponder a problem faced by Weber, Milgrom had a key insight. Weber wrote, "And there, in a matter of a few minutes, was the heart of our first two joint papers." From 1982 to 1987, Milgrom was a professor of economics and management at Yale University. In 1987, Milgrom returned as an economics professor to his alma mater, Stanford University, where he is currently the Shirley and Leonard Ely Professor of Humanities and Sciences in the Department of Economics. Milgrom held editorial positions at the American Economic Review, Econometrica and the Journal of Economic Theory. He became a Fellow of the Econometric Society in 1984, and the American Academy of Arts and Sciences in 1992. In 1996, he gave the Nobel memorial lecture honoring the laureate William Vickrey, who had died three days after the Nobel prize announcement. In 2006, Milgrom was elected to the National Academy of Sciences. Awards and honors Milgrom received the Erwin Plein Nemmers Prize in Economics in 2008 "for contributions dramatically expanding the understanding of the role of information and incentives in a variety of settings, including auctions, the theory of the firm, and oligopolistic markets." Upon receiving the Nemmers Prize in 2008, the official release highlighted the following:Milgrom's path-breaking work has developed and popularized new tools for the analysis of asymmetric information and strategic interaction and, most significantly, has shown the usefulness of those tools for the analysis of applied problems," said Charles Manski, professor and chair of economics at Northwestern. Milgrom's work on auctions helped lay the groundwork for one of the most fruitful research areas in microeconomics over the last 30 years. His work on the theory of the firm has been equally influential. Milgrom has also made important contributions to the study of how asymmetric information can affect firm behavior in oligopolistic markets. He won the 2012 BBVA Foundation Frontiers of Knowledge Award in Economy, Finance and Management category "for his seminal contributions to an unusually wide range of fields of economics including auctions, market design, contracts and incentives, industrial economics, economics of organizations, finance, and game theory." The jury citation for the BBVA Award wrote:His work on auction theory is probably his best-known. He has explored issues of design, bidding and outcomes for auctions with different rules. He designed auctions for multiple complementary items, with an eye towards