Hello,
I think that traction is greatly affected by sidewall flex -- if the pressure is too great, it causes the whole tire to "roll" sideways enough to loose traction; and/or if the tread becomes convex, you loose part of the contact patch.
I get understeer if I go above 40psi, and I loose spin traction in wet conditions.
Also, from my experience with riding a motorcycle for about 12 years (over 100,000 miles!), I know that if the tire pressure is too low, the tire will heat up too much, and if you over inflate it, it won't heat up enough to gain the traction you need. This is similar to any kind of race car; especially F1.
Like anything, it is possible to have too little tire pressure, or too much of it. And both have their own problems. Just because some added tire pressure is good, doesn't mean that a lot is better.
For my commute, I do a 12.4 mile stint on Route 117, and in the morning it takes me up to 55 minutes to "drive" it. A good day, it takes 35-40 minutes... My last tankful included this crawl FIVE times -- and I still got 45.53mpg!
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