Give option to the user to decide what they want to do with the power button

If someone wants to put computer to sleep, they would close the lid. Behaviour of this button should be changed back to shutdown/restart/logout with less than half-a-second click. If there are those who still prefer the current method in Mavericks, then the user should be given the option to set the power button accordingly in the Keyboard preferences. Is there an option somewhere in Mavericks?