Date of Original Version
This is the author’s version of a work that was accepted for publication. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version is available at http://dx.doi.org/10.1016/j.compchemeng.2013.10.001
Abstract or Description
This short note presents an alternate approximation of concave cost functions used to reflect economies of scale in process design and supply chain optimization problems. To approximate the original concave function, we propose a logarithmic function that is exact and has bounded gradients at zero values in contrast to other approximation schemes. We illustrate the application and advantages of the proposed approximation.
Computers and Chemical Engineering, 60, 376-380.