The functional renormalization group equation is a "flow equation" for the quantum effective action. Basically, it expresses the change of all correlation functions under change of energy scale. One can also view it as a successive solution of the path integral, where one starts with the classical (tree-level) action, and successively integrates out high-energy modes, so that , when one reaches zero energy, the full path integral has been performed and one has found the full quantum effective action.
Of course, the functional renormalization group equation can not be solved in closed form for any meaningful theory, so one is forced to introduce approximations. One can recover the usual coupling/loop expansion ( #FeynmanIntegral s), but also other types of approximation schemes are possible, for example including only 1PI correlation functions up to a certain number of legs.
The present paper is concerned with O(N) symmetric scalar fields in D=3 space dimensions. They demonstrate that with a suitable low-order approximation of the flow equations, one can indeed compute the critical exponents of this theory to a few percent accuracy.
https://arxiv.org/abs/hep-ph/9308214




