Is it really right to view the scenarios as having equal expected value though? With an expensive rider there is often a cap on how much that rider can potentially return. The midrange options will always have a higher ceiling to grow under whereas the expensive rider will never be able to tripple their score most likely. That would skew the expected values wouldn't it?
Of course if you think there's a higher ceiling for the mid-range picks and you think that betting on them collectively achieving it is worthwhile compared to the one expensive rider, then the expected values aren't the same. My example was made on the premise that expected values were exactly the same, just so I could illustrate that there is just as much (if not more) risk in spreading the eggs across more baskets. In a real scenario there might not be an expensive pick available with enough upside, or there might not be enough good mid-range ones to make that strategy worth it. I was just questioning the assumption that a very expensive rider = more risk by default.
Your gut feeling about how easy/hard it is to find picks in different price ranges is interesting. But for every cheap pick that makes the optimal team, there are also quite a lot of other cheap picks with slightly less but still massive percentage increase. So I don't know the answer to that one, really.
I've just noticed that for my own teams, it's often the 300-500 point riders I pick that are the most frustratingly bad picks. There's a much smaller pool of riders to chose from in that range, and you might even have years where very few of those do well enough, so in my mind it's gonna be hard to pick the correct ones. Whereas for cheap riders, yes in theory there is a huge number of different riders you can pick, but in reality you can quite easily narrow it down to a manageable list of those who are somewhat likely to do well.
Again, not really sure if any direction is more correct than the other here, but at least I don't think my ratios based on the optimal teams are that far off.