How not to play Poker

Demonstrating that behavioural economists are no more rational than anyone else I committed the same mistake playing poker that I did about a year ago...

I acted irrationally by seeing different colour chips as qualitatively different as well as quantitatively different. Despite the fact that one black chip was worth five white chips, I preferred betting five white chips than one black chip because I saw the higher value black chips as in some way better. This led me to be more risk averse when I had lost my white chips and had only black chips to bet.

Because I saw equivalent amounts of money as different I acted in a non-fungible manner. I'm not blaming this violation of fungibility for my poor performance (I lost, badly) but I am surprised to see myself commit the exact same mistake that I even wrote a blog about before. Some people never learn...