Random Walks Estimate Land Value

TL;DR

This paper proposes a novel method using random walks on city graphs to estimate land value and identify isolated neighborhoods, addressing urban planning challenges amid population growth.

Contribution

It introduces a new approach linking random walk first-passage times to land value estimation and neighborhood isolation detection in complex urban networks.

Findings

Random walk first-passage times correlate with land value.

Method identifies geographically isolated neighborhoods.

Applicable to cities with complex transportation networks.

Abstract

Expected urban population doubling calls for a compelling theory of the city. Random walks and diffusions defined on spatial city graphs spot hidden areas of geographical isolation in the urban landscape going downhill. First--passage time to a place correlates with assessed value of land in that. The method accounting the average number of random turns at junctions on the way to reach any particular place in the city from various starting points could be used to identify isolated neighborhoods in big cities with a complex web of roads, walkways and public transport systems.