Milgrom made a fundamental contribution to the theory of repeated games. When players' actions are hidden and noisy signals about their actions are observable (i.e., in the case of imperfect monitoring), there are two general ways to achieve efficiency. One way is to transfer future payoffs from one player to others. This is a way to punish a potential deviator without reducing the total future payoffs. The classical folk theorem result under imperfect monitoring is built on this idea. The second general method is to delay the release of information. Under the second method, the outcomes of the noisy signals are released in every "T" periods, and upon the release of information players "review" the signals in the last "T" periods and decide to punish or reward each other. This is now widely known as the "review strategy", and Milgrom's paper with D. Abreu and D. Pearce (Abreu, Milgrom and Pearce, 1991) was the first to show the efficiency of review strategy equilibrium in discounted repeated games. The review strategy turns out to be useful when players receive private signals about each other's actions (the case of private monitoring), and the folk theorem for the private monitoring case is built on the idea of the review strategy.