The loss of piston clearance could lead to serious engine problems like excessive friction, excessive wear and at the end possible seizure of the piston in cylinder leading to complete engine failure.
As Mr Shettar said there are pretty many ways. But firstly try to find the best suited one for a particular engine, Using a heavy tapered piston in case of a small engine will be a disaster.
this question is a simple but there are many answers.
1) the lubricating is done with the goal of cooling , not sliping condition and reducing friction .
2) the pistion has some heat transfer to connecting rod
3) using magnet oils increase heat transfer .(i have not read any article or paper)
4) downsizing the engines is another way . so the stroke of engine is reduced and bore is increased . then the amount of radial expansion is less and friction reduces .
5) and also the answers written with mr.Manjunath Shettar
i referred to some standards , for the applications of light duty engines it is narrow and some other conditions . by increasing the engine duty it is different and the clearance and distance between rings and the rings gap is increased . so for a special design it is feasible to start design with standard values . SAE papers will help you .
at the end please let me know about your results . thanks .