Somebody tested this. Mythbusters? Consumer reports? An EM member. The results were something like... the biggest gains were within the first 10 PSI over max sidewall. Ride gets rougher, but honestly... my car is a Civic not a Lexus.
I once had a long conversation about my car with a Bonneville racing team guy--uncle of a friend--who immediately guessed several of my mods, among them that I had bumped my tire pressure WAY up. It's a widely-known technique.
There are risks, so you consider them and accept the responsibility.
I have had my tires at 55-60 psi continually for over two years, across 30K miles, and through the heat of two and a half SoCal summers... no blowouts.
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See my car's mod & maintenance thread and my electric bicycle's thread for ongoing projects. I will rebuild Black and Green over decades as parts die, until it becomes a different car of roughly the same shape and color. My minimum fuel economy goal is 55 mpg while averaging posted speed limits. I generally top 60 mpg. See also my Honda manual transmission specs thread.
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