This talk by Barry Schwartz illustrates a number of great examples of how the limitless choices we have in modern society can have negative effects on our lives.
Paradoxically, having so many choices produces paralysis, rather than liberation. For example, research among mutual fund retirement plans found that the more choices one was offered, the less likely they would be to participate.
Additionally, choosing for a large selection of options can decrease your satisfaction because it becomes easy to imagine that a different choice would have been better.
What does this mean for Product Managers? Products developed that assist its users in making choices can improve satisfaction levels dramatically. Offering the right balance of choices and assistance can go a long way.