ON TRUNCATIONS OF THE EXACT RENORMALIZATION-GROUP

We investigate the Exact Renormalization Group (ERG) description of (Z2 invariant) one-component scalar field theory, in the approximation in which all momentum dependence is discarded in the effective vertices. In this context we show how one can perform a systematic search for non-perturbative continuum limits without making any assumption about the form of the lagrangian. The approximation is seen to be a good one, both qualitatively and quantitatively. We then consider the further approximation of truncating the lagrangian to polynomial in the field dependence. Concentrating on the non-perturbative three dimensional Wilson fixed point, we show that the sequence of truncations n = 2, 3,..., obtained by expanding about the field phi = 0 and discarding all powers phi2n+2 and higher, yields solutions that at first converge to the answer obtained without truncation, but then cease to further converge beyond a certain point. Within the sequence of truncations, no completely reliable method exists to reject the many spurious solutions that are also generated. These properties are explained in terms of the analytic behaviour of the untruncated solutions - which we describe in some detail.