Hi Dave,
15 bit (which Photoshop uses for 16 bit mode) - 14 bit, 12 bit, 8 bit etc define the same "perfect black" to "perfect white" range, and only the resolution (or "granularity") of the range varies.
"8 bit" and "JPEG" are of course different beasts though;
- with "8 bits" you can essentially fall victim to compounding rounding errors - made worse after gamma conversion where compression & expansion of ranges result in banding and posterisation.
- with JPEG the emphasis is placed - for a given compression / quality setting - on the smallest possible file size - and to do that, some pretty serious massaging is needed including throwing away what we can't see (bar a small safety margin) - normalising what we can't tell the difference between - compressing bits that end up the same etc - and all of that after the camera and/or software has already converted to gamma 2.2 and applied a reasonable strong contrast curve. In other words JPEG is simply most suited to being a great output format.
Trying to construct an HDR composite from JPEG input files is probably a bit like landing an F18 on the deck of an aircraft carrier at night during a storm in that even if it's possible, it's probably still not going to deliver an ideal result (or perhaps trying to complete a jigsaw puzzle with 15% of the pieces missing) (or trying to bake a different tasting cake using ingredients that have already been baked into another cake) - trying to do HDR from an 8 bit file is a different story though, in which case the result is going to depend on a few factors including how many 8 bit chunks the original HDR scene was carved up into.
Sorry - we've just come off daylight saving and my brain still thinks it's 12:35am - does the above help with your question?