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." He also received the 2012 BBVA Frontiers of Knowledge Award in the area of economics, finance and management "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."[9]