A new system of analyzing advertising revenue derivation is provided that is particularly useful for predicting an amount of revenue that can be expected from advertisements placed in a business directory book having a certain geographic coverage. The system comprises estimating a preference factor of advertisers located in a first geographic area of placing advertisements in other geographic areas. This preference factor, along with other demographic data, is used to calculate a choice probability that advertisers will choose to place an advertisement in one business directory book over other competing books. A total amount of expected revenue for each particular geographic area within a metropolitan area is calculated. Finally, the total amount of expected revenue attributable to a particular business directory book is predicted based on the choice probability and the total amount of expected revenue for each geographic area.