What are the advantages of a lab study?

Lab studies allow for high control over extraneous variables.

For example, in a simple experiment to test which paper aeroplane flies the furthest, the advantage of doing the study inside, in a controlled environment would reduce the effect that variables such as wind might have on the results.

Because of this, lab studies are also easily replicable which can make findings more reliable because it reduces the possibilty that the results were due to chance. 

Lab studies are also much easier to draw cause/effect conclusions from too because there is a higher level of control over variables unlike field studies. 

HOWEVER

They lack ecological validity, which means they often do not represent real life situations. For example, in a lab study that tries to replicate social conformity, you could argue that its findings are not ecoloigcally valid because social conformity usually happens in natural environments, not engineered controlled ones.