Digidog wrote. In a full previous thread.
You can't capture a raw +JPEG in one 'capture' and have ideal exposure for both.
The test should be to properly expose for raw: shoot it. Properly expose for JPEG: shoot it. Compare the two.
The reason there's so much misunderstanding of the difference between the two captures is that those who tell us their findings often didn't do the testing correctly. So it's not useful data.
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Does anyone know any camera that has a Raw+Jpeg setting and automatically exposes properly (differently) for raw and jpeg.
No such camera.
All my cameras give identical exposures in Raw+ Jpeg mode.
And Andrew's observation is correct.
Using a digital camera, if you want the best possible image quality then make full use of the sensor. Expose the sensor to full saturation without clipping diffuse highlights. The problem with that is it's tricky and dangerous. My favorite analogy is an electrified fence. Your goal is to get as close to the fence as you possibly can, but DO NOT TOUCH IT! Clipping diffuse highlights in the raw file (touch the fence) and you crash and burn.
So when the camera manufacturers adjust and calibrate and tweak their camera's metering systems and processing software they understandably take a conservative position and stand a little back from the fence -- like 20% or even 40% of the sensor's capacity back from the fence.
Shooting only JPEGs the photographer is unaware of the above and learns to manipulate the camera to get a best possible JPEG. In most cases this is a no harm no foul since the sensor's total dynamic range exceeds what is needed in the final JPEG and the difference that would show up is pretty d*mn minor.
When can this difference matter: High contrast light, and backlight conditions where the full dynamic range of the sensor can make a difference and the photographer knows that and intends to take full advantage.
Here's a backlight example from the garden:
First the camera JPEG SOOC except for re-size.

SOOC JPEG
The diffuse highlights in the JPEG are clipped (crash and burn). When I took the photo I added a +.3 EC and fully expected the clipped highlights in the JPEG.
But the raw file is not clipped. To prevent my camera processor from clipping the JPEG I would have had to give up the +.3 EC and very likely go with a -.3 EC. That's 2/3 stop less exposure. In high contrast light like this I switched gears into "electric fence mode" and went for a full sensor exposure.
Imagine the photo with -.3 EC. It's going to be darker. Conventional wisdom teaches that it's often necessary to increase exposure beyond the meter reading in backlight, but that conventional wisdom also accepts blown highlights. I don't accept the blown highlights and I don't have to accept the blown highlights if I get a full saturation raw file (and don't touch the fence).

processed from raw