There is more subjectivity to exposure than there is accuracy imo. There isn't to my knowledge a proper exposure only one that is pleasing to the photographer who took the image provided that it isn't grossly underexposed or overexposed?
Perhaps it is convenient to talk about "capture exposure" and "presentation exposure" separately?
There is no mathematical way to derive how an image should be best exposed for presentation. Some images may look best as low-key, high-key, depending on what parts of the scene intensity the photographer wants to present on a limited paper/display, and what mood she wants.
For capture exposure, it may be easier. If we can assume that there is enough light that the photographer can choose exposure time and aperture with some freedom, we would probably want the kind of exposure that maximize the precision with which the original scene is captured (minimal noise and clipping if possible). Coding in any headroom above the highlights does not seem to make any sense signal-wise for regular sensors (special Fuji "high dynamic range" sensors excluded), as one can accomplish the same in photoshop with less noise. If the scene has high dynamic range we might want to allow some clipping (and then we are back to not being able to define the ideal value).
It seems to me that it is possible to state that we ideally never want any headroom between scene highlights and sensor saturation point as long as that does not mock up motion-blur/DOF. But we cannot state that we never want sensor clipping, so it is a one-sided limit?
I think there are many similarities between analog/digital camera exposure and analog/digital audio recording. In both cases, the abilities and limitations of the two technologies cause some confusion, and the manufacturers are not always forthcoming in explaining stuff.
-h