Fast Approximation of Centrality
  Social studies researchers use graphs to model group activities in social networks. An important property in this context is the centrality of a vertex: the inverse of the average distance to each other vertex. We describe a randomized approximation algorithm for centrality in weighted graphs. For graphs exhibiting the small world phenomenon, our method estimates the centrality of all vertices with high probability within a (1+epsilon) factor in near-linear time. 
David Eppstein and Joseph Wang