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The COntractor REnormalization group (CORE) approximation, a new method for solving Hamiltonian lattice systems, is introduced. The approach combines variational and contraction techniques with the real-space renormalization group approach and is systematically improvable. Since it applies to lattice systems of infinite extent, the method is suitable for studying critical phenomena and phase structure; systems with dynamical fermions can also be treated. The method is tested using the 1+1-dimensional Ising model.

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