Random Walk Decay Centrality

We propose a new centrality measure, called the Random Walk Decay centrality. While most centralities in the literature are based on the notion of shortest paths, this new centrality measure stems from the random walk on the network. We provide an axiomatic characterization and show that the new centrality is closely related to PageRank. More in detail, we show that replacing only one axiom, called Lack of Self-Impact, with another one, called Edge Swap, results in the new axiomatization of PageRank. Finally, we argue that Lack of Self-Impact is desirable in various settings and explain why violating Edge Swap may be beneficial and may contribute to promoting diversity in the centrality measure.