Approximate convexity and submonotonicity

It is shown that a locally Lipschitz function is approximately convex if, and only if, its Clarke subdifferential is a submonotone operator. Consequently, in finite dimensions, the class of locally Lipschitz approximately convex functions coincides with the class of lower-C¹ functions. Directional approximate convexity is introduced and shown to be a natural extension of the class of lower-C¹ functions in infinite dimensions. The following characterization is established: a multivalued operator is maximal cyclically submonotone if, and only if, it coincides with the Clarke subdifferential of a locally Lipschitz directionally approximately convex function, which is unique up to a constant. Furthermore, it is shown that in Asplund spaces, every regular function is generically approximately convex.