Experimental economics has become one of the most successful and fastest-growing fields of economics in the last several decades. It is a subfield of economics that uses experiments to explore human behavior, tests economic theories and suggests new models to better capture human behavior by providing more psychologically plausible foundations. At the IBSS Experimental Economics Lab, researchers are able to conduct a wide variety of experiments based on their individual research interests. Through participation in lab experiments, students are able to change economic factors within a specifically designed economic environment and achieve specific monetary outcomes related to their choices. With respect to teaching, classroom lab experiments are especially useful and helpful when learning about complex concepts such as individual decision-making, corporate strategy and game theory. Consistent with research-led teaching, students may further develop their research interests by running lab experiments for their dissertations.