I am using this function to solve the problem, but not have any source/reference (do you have? please inform posting a comment)... So, I posted also demonstrations and tests.
CREATE FUNCTION pointbuffer_width(g geometry, N integer DEFAULT 8) RETURNS float AS $$
-- Returns the value of W in the approximation "g ~ ST_Buffer(ST_Centroid(g),W,'quad_segs=N')"
-- where N>0 indicates the reference-shape, 1=square, 2=heptagon, ... circle.
--
SELECT sqrt( area/(0.5*n*sin(2*pi()/n)) )
FROM ( SELECT ST_Area($1) as area,
(CASE WHEN $2<=1 THEN 4 ELSE 4*$2 END)::float as n
) as t;
$$ LANGUAGE SQL immutable;
DEMONSTRATING
The main shapes, circle and square, have areas
A = pi*w^2 # circle with radius w
A = 2*w^2 # square circumscribed into a circle of radius w
The intermediary shapes are the regular polygons of n sides. The square have n=4, the octagon n=8, etc. So, we can substitute the factor of w^2 by a function f(n) that supply the adequate value for the n sides.
The formula of the area of a regular polygon of n sides with a circumradius w, is:
A = 0.5*n*sin(2*pi/n)*w^2
Where we can check: for n=4 the factor 0.5*n*sin(2*pi/n) is 2; for n=400 (infinite) is 3.14 (~pi).
For the standard ST_Buffer(g,'quad_segs=N') polygon generator we can check that this N is 4*n.

Confirmation of N=4*n with PostGIS:
SELECT ST_AsEWKT((p_geom).geom) As geom_ewkt
FROM (SELECT ST_DumpPoints(
ST_Buffer(ST_GeomFromText('POINT(100 90)'),50,'quad_segs=5')
) AS p_geom ) AS t;
It returns 4+1 rows when N=1, 20+1 rows when N=5, etc. The dumped last row repeat the first, to close the polygon.
TESTING
Tests simulating buffers (need more tests with irregular ones)
-- FORMULA TESTER FOR POINTS AND ITS BUFFERS:
SELECT w,
(array['square','octagon','','','','','','~circle'])[shape] as shape,
round(pointbuffer_width(circle8,shape),1) as circle8,
round(pointbuffer_width(octagon,shape),1) as octagon,
round(pointbuffer_width(square,shape),1) as square
FROM (
SELECT
w, shape, -- 1, 2, 3 or 10
ST_Buffer(g, w) as circle8, -- default 8, use 20 for perfect circle
ST_Buffer(g, w, 'quad_segs=2') as octagon,
ST_Buffer(g, w, 'quad_segs=1') as square
FROM ( SELECT ST_GeomFromText('POINT(100 90)') as g,
unnest(array[1.0,150.0]) as w,
unnest(array[1,2,8]) as shape
) as t
) as t2;
RESULTS:
w | shape | circle8 | octagon | square
-------+---------+---------+---------+--------
1.0 | square | 1.2 | 1.2 | *1
150.0 | octagon | 157.6 | *150 | 126.1
1.0 | ~circle | *1 | 1 | 0.8
150.0 | square | 187.4 | 178.4 | *150
1.0 | octagon | 1.1 | *1 | 0.8
150.0 | ~circle | *150 | 142.8 | 120.1
Conclusion: it is stable for any w value (!); it is exact when the modeled shape fits the geometry shape (*).
w, for a given reference-shape (ex. square or circle)?", where "best estimation" supply equal areas, theST_Area(st_buffer(point,bestW,shape))and theST_Area(island). My answer below, complements my descriptions... About "best fit" see this complementary question. – Peter Krauss Sep 26 '12 at 14:15