So, the short answer to your real question is 'tone mapping' which...is kind of dumb, imho. Clamping is probably fine.
The important thing to remember is that, while ray tracing is cool and fun to code, it has no basis in physical reality. It's no more or less of a hack than scanline polygon rendering (which is to say, you could possibly look at them as approximate solutions to the 'rendering equation' with important things variably ignored? but that's like saying y=x is a cheap approximation of y=x^2...)
One cool hack to take a description of a scene graph as a set of polygons and end up with an image of the scene is to be like "ok what polygon is under this pixel in the target view? Which way is it facing? Which way are the lights facing relative to it? What color is this material? Ok multiply that crap together, make the pixel that color". That's good old fashioned scanline 'computer graphics'. Another cool hack is "well, what if we followed a 'ray' out from each pixel, did angle-of-incidence-equals-angle-of-reflection, did some csg for intersecting the rays with surfaces, see if we end up with a light at the end and then multiply through the light and the material colors blah blah blah" but its also just a hack.
I mean, it takes some loose inspiration from the real world I guess, but it's not physically correct at all.
I mention this because I totally get where you are coming from. You might want to check out some techniques that are physically-based though, because they also have interesting implementations (mlt, photon mapping, radiosity)....you might even find it useful to drive your physically-based renderer's sampling bias from intermediate output of your ray tracer!