I've read that agitation decreases concentration polarization and increases rate of corrosion. What are the pertinent equations involved for this scenario to be possible? Thanks!
Agitation increases mass transfer rate, which means that amount of reactives arriving at the electrode surface per unit time is higher. This increases the reaction rate as long as the electrochemical system is under mass transfer control. Regarding concentration polarization, a higher mass transfer rate decreases the concentration gradients at a fixed potential/current density. To check the equations that describe this process you should take a look at any electrochemistry book. I recommend Bard's Electrochemical Methods.