You may actually set your sizes the way you see fit on your website. However, it would be best to put the standard size setforth by the Interactive Advertising Bureau (IAB). The IAB is composed of media groups responsible in selling media ads in the United State of America. (http://www.iab.net/about_the_iab)
The IAB have suggestions and format defined as the internet matures. In their website, IAB has some suggestions which I pasted below:
Banner ads are meaures in pixel (width x height). And there are standard sizes which are still being used today, and may still be adapted by your advertisers, as follows:
The prices for these ad sizes varies according to Page Rank, Relevance, and the Advertiser's campaign budget. Generally, the more visits and unique it is, brand exposure qualifies how it should cost. So it's actually you who shall define how much do you think your website is worth versus the Advertiser's objectives.
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