Alloying
of noble metals is lately being explored as a way to tune
the optical and plasmonic properties of metal nanostructures. In order
to rationally modulate properties by alloying, there is a need to
fundamentally understand how the composition affects them. This work
demonstrates that deep insights, useful for tailoring of noble alloy
plasmonic and optical properties, can be gained by a low-cost approach
based on density functional theory (DFT). We show in this work that
the PBE functional, commonly used for calculation of alloy optical
properties, can largely underestimate and in some cases even fail
to predict a plasmonic response of an alloy. We propose the use of
the GLLB-SC functional as a same-cost alternative and demonstrate
it has an overall better performance than PBE for alloyed nanoparticles,
thin films, and bulk alloys. The evolution of optical properties with
composition range in the UV/Vis region is explained by connecting
the alloy composition, band structure, and the resulting dielectric
function. Additionally, an emergent property of alloying in the form
of strong optical losses due to interband transitions in the IR region
is identified and its origin is elucidated.