For example, make a game where two people are teamed up. You give person A $10 and tell them they can give as much as they want to person B, and that's it. How much does person A share? Ok, now what if you give instructions explaining to person A that person B leaves empty handed if they don't share? What if you say that they're supposed to share 50%? What if 10% of whatever is given to person B is lost as a "tax"? The idea is to figure out ways to get people to act honestly and fairly in the hopes that it can be applied to business.
Undergrads could help find test subjects. They could help design the tests (they generally involve simple software that administers the games). Some could probably analyze the results in the hopes of finding interesting and unexpected takeaways.