April 23, 2003
The three dimensional nonlinear sigma model is unrenormalizable in perturbative method. By using the $\beta$ function in the nonperturbative Wilsonian renormalization group method, we argue that ${\cal N}=2$ supersymmetric nonlinear $\sigma$ models are renormalizable in three dimensions. When the target space is an Einstein-K\"{a}hler manifold with positive scalar curvature, such as C$P^N$ or $Q^N$, there are nontrivial ultraviolet (UV) fixed point, which can be used to define the nontrivial continuum theory. If the target space has a negative scalar curvature, however, the theory has only the infrared Gaussian fixed point, and the sensible continuum theory cannot be defined. We also construct a model which interpolates between the C$P^N$ and $Q^N$ models with two coupling constants. This model has two non-trivial UV fixed points which can be used to define the continuum theory. Finally, we construct a class of conformal field theories with ${\bf SU}(N)$ symmetry, defined at the fixed point of the nonperturbative $\beta$ function. These conformal field theories have a free parameter corresponding to the anomalous dimension of the scalar fields. If we choose a specific value of the parameter, we recover the conformal field theory defined at the UV fixed point of C$P^N$ model and the symmetry is enhanced to ${\bf SU}(N+1)$.
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