Texas Tech University psychologist Jeff Larsen and Amie McKibban of Wichita State University asked undergraduates to indicate whether they possessed 52 different material items, such as a car, a stereo or a bed.

The study, published in the journal Psychological Science, also suggests that people can continue to want the things they have and that those who do so can achieve greater happiness.

"Simply having a bunch of things is not the key to happiness," Larsen says in a statement. "Our data show that you also need to appreciate those things you have. It's also important to keep your desire for things you don't own in check."

Larsen and McKibban calculated the extent to which people want what they have and have what they want. Their findings show that wanting what you have is not the same as having what you want. While people who have what they want tend to desire those items, the correlation between the two was far from perfect, the researchers say.