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An expression for the equivalent source resistance of the capacitor diode voltage multiplier circuit is derived. The source resistance is found to increase as the cube of the multiplication factor, explaining the poor regulation observed with large multiplication. The distribution of capacitors that minimizes source resistance is presented. Good regulation is shown to be necessary for high efficiency, and to require relatively larger capacitors than needed for ripple filtering.
J.S. Brugler (1971) studied this question.