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According to systemic theories, war or peace is determined by the system which is the distribution of states. A war happens due to the structure regardless of decision makers. On the other hand, theories at the individual level argue that individuals matter. Prospect theory argues that risk propensity of decision makers has impacts on the estimation of both values and probabilities of triggering a war. This paper demonstrates how different risk attitudes influence decision-makers and how the decision-makers choose between war and peace. Using interaction games, the paper successfully links the factors of wars at the systemic level and that of the individual level. A case study on the relations between China and Japan in 1894-1945 is conducted to show how to dissect the reasons of war and peace based on the combination of prospect theory and power transition theory. [ABSTRACT FROM AUTHOR]