Stanford’s Paul Milgrom was announced as the winner of Northwestern University’s 2008 Nemmers Prize in economics. Milgrom, who is a professor in the Economics department, will be awarded a $150,000 stipend for his win.

According to The Chronicle of Higher Education, Milgrom is being recognized 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.”

Milgrom won one of two Nemmers prizes; the other prize is awarded in mathematics and was given to Simon Donaldson of Imperial College.