Well, just because he chooses to teach less doesn't mean he dosen't fit into the model. For the smaller alotted time he does choose to teach, the supply/demand relationship works the exact same way.
But remember, it's not the actual value of his instruction, it's the percieved value. So, obviously, self-promotion plays an enormous role. And, those that self-promote the best can create more percieved value.
Point taken. The thing is that we do not know how he values or structures his time, therefore, we cannot say for sure if he chooses to teach less. He does structure his fee exceedingly high, which for practical purposes puts him outside of the supply demand chart.
Every year Warren Buffet holds a charity auction to have lunch with him. Winner usually pays couple million dollars. For the past several years, a guy from china did it. A recent winner is a successful stock picker himself from the States. Now Buffet is asking him to join Buffet to manage part of his funds. In that case, that is money well spent