Although the Polchinski ERGE and the effective average action ERGE look similar, they are based upon very different philosophies. In the effective average action ERGE, the bare action is left unchanged (and the UV cutoff scale—if there is one—is also left unchanged) but the IR contributions to the effective action are suppressed whereas in the Polchinski ERGE, the QFT is fixed once and for all but the "bare action" is varied at different energy scales to reproduce the prespecified model. Polchinski's version is certainly much closer to Wilson's idea in spirit. Note that one uses "bare actions" whereas the other uses effective (average) actions.