Again, your syllogism is faulty. You assume her work is fairly valued in exact proportion to the income it generates. But what of the possibility that her department's revenues subsidize the high cost of other departments, such as physics labs or in-demand business speakers?

It's not cheap to participate in a program like this, especially not at a decent school. If there was very low demand, you would expect this to be cheaper, no? http://www.stateuniversity.com/program/05-0202/American-Indi...

I can't get with your thesis that she's being poorly paid because she's choosing to have more fun. It sounds as if she's worked extremely hard to get to the academic level she is at. And if you sample people, I imagine that most would expect that a professorship at an ivy-league university would pay well, since you have to be at or near the top of your field to land such a job.