practical applications such as frequency spectrum auctions. Professor Milgrom's research in industrial organization includes influential studies on limit pricing, entry deterrence, predation, and advertising. In addition, Milgrom has added important novel insights to finance, particularly in connection to speculative trading and market micro-structure. The common theme of his works on auctions, industrial strategies, and financial markets is that economic actors infer from prices and other observables information about the fundamental market values. In 2013, Milgrom was elected as Vice President of the American Economic Association. In 2014, Milgrom won a Golden Goose Award for his work involving auction design. In 2017, Milgrom won the CME Group-MSRI Prize in Innovative Quantitative Applications for his work in auction design. In 2020, Milgrom was appointed a Distinguished Fellow of the American Economic Association. In October 2020, Milgrom was the co-recipient of the 2020 Nobel Memorial Prize in Economic Sciences, together with Robert B. Wilson, The Royal Swedish Academy of Sciences stated that it awarded the Nobel Memorial Prize jointly to Milgrom and Robert Wilson because they "used their insights to design new auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies. Their discoveries have benefitted sellers, buyers and taxpayers around the world." The citation went on to say: Paul Milgrom formulated a more general theory of auctions that not only allows common values, but also private values that vary from bidder to bidder. He analysed the bidding strategies in a number of well-known auction formats, demonstrating that a format will give the seller higher expected revenue when bidders learn more about each other's estimated values during bidding. Over time, societies have allocated ever more complex objects among users, such as landing slots and radio frequencies. In response, Milgrom and Wilson invented new formats for auctioning off many interrelated objects simultaneously, on behalf of a seller motivated by broad societal benefit rather than maximal revenue. In 1994, the US authorities first used one of their auction formats to sell radio frequencies to telecom operators. Since then, many other countries have followed suit. Game theory Milgrom made several fundamental contributions to game theory in the 1980s and 1990s on topics including the game-theoretic analysis of reputation formation, repeated games, supermodular games and learning in games. Reputation formation In an influential 1982 paper with David M. Kreps, John Roberts, and Robert B. Wilson (Kreps et.al., 1982),