Actually all wrong and right simultaneously.
Different plants have different absoption spectrums. Additionally their light needs will differ depending on growth stage. Plants produce pigments inside their tissue and different pigments depending on state in their life cycle. Each pigment in turn acrivates different enzymes e.g fruiting, grow stalk, leaf etc.
To conplicate things further pigments have different absorption thus most plants appear green because what they absorb the least, and converaely reflect the most is green light. So it might appear wise to use only reds and blues. However that would mean that most light would be absorbed at the top of the canopy. The lower leaves thus receiving low light, going bare from light starvation.
So in other words. Plants have fully adapted to the sun and what you see in plant absorp. spectras is an illusion. You want to have a spectrum that activates all the pigments and manages light flow over time.
That's the basic biology behind it that you need to know. For details read journals and studies on subjects such as phytochrome, plant pigments and regulation of co2.
When it comes to engineering an optimal light source. It is more complex than you might realize. The simplest is to emulate the sun, which trad. Gas discharfe lamps do.
Complexity arises with narrow band sources like led which need to be combined to achieve same or greater effect as a full spectrum.
The rough outlines is you have a model which you optimize for external factors eg. Cost. Efficiency. Size. Etc. To reach the optimal solution.
I developed such a model a few years back which I am plannibg to patent. Ive done extensive research and come up with a matgematical model by which geowth potential can be measured objectively for any light sourve. I believe there are a few others out there too however manufacturers have yet to empkoy these methods. Innovation largely ceased in the 70s because there were no light sources able to produce composite spectrums at high efficiency.
Edit: Sorry for the spelling I wrote that on my phone. If you're interested in this topic or looking for inspiration or even just kicks I could recommend the website
http://greenpinelane.com/