Higher Spin Holography, RG, and the Light Cone
  We revisit the derivation of higher spin bulk theory using the renormalization group in the dual field theory. We argue that existing proposals have problems already at the level of linearized perturbations on AdS. This is due to the form of the cutoff, which must act on bilinears in the fundamental fields rather than on the fields themselves. For the light-cone collective field theory, we show that the RG produces the correct linearized perturbations. We relate this to the precursor formula of de Mello Koch, Jevicki, Jin and Rodrigues, and we also elaborate on that result. The covariant RG and bulk interactions remain problems for the future. 
Eric Mintun, Joseph Polchinski
hep-th