Gradient Flows from an Approximation to the Exact Renormalization Group

Through appropriate projections of an exact renormalization group equation, we study fixed points, critical exponents and nontrivial renormalization group flows in scalar field theories in $2<d<4$. The standard upper critical dimensions $d_k={2k\over k-1}$, $k=2,3,4,\ldots$ appear naturally encoded in our formalism, and for dimensions smaller but very close to $d_k$ our results match the $\ee$-expansion. Within the coupling constant subspace of mass and quartic couplings and for any $d$, we find a gradient flow with two fixed points determined by a positive-definite metric and a $c$-function which is monotonically decreasing along the flow.