gwern comments on Living Large - availability of life - Less Wrong
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My own musings on the topic have been that the reason one should choose to sleep rather than sacrifice life to stay awake is that you get to see more of the future and be affected by the future. There are many ways in which staying alive could pay off significantly:
Given that losing lots of sleep isn't a neutral thing and damages things beside longevity (mood, intelligence, creativity), and given many likely benefits to surviving, the modest boost in time awake isn't worth it, I think.