Another issue is your implicit assumption that the side with the superior fighting force will always win the war, but I don't think you can make that assumption. Just like the better football team can lose to the underdog, there is a stochastic element to warfare. A sudden bit of bad weather can turn the tide of a battle. There are countless other elements that are unobservable and unpredictable that can decide which side wins.
There are also asymmetric payoffs to going to war. A nation might have a slim chance of victory, but the cost of defeat or surrender might be genocide or subjection. How do you assign a payoff to the choice "surrender" when the outcome is the destruction of your nation as it once existed?
[0] https://en.wikipedia.org/wiki/Strategy_(game_theory)#Pure_an...