We study a model of asymptotically free theories with bound states using the
similarity renormalization group for hamiltonians. We find that the
renormalized effective hamiltonians can be approximated in a large range of
widths by introducing similarity factors and the running coupling constant.
This approximation loses accuracy for the small widths on the order of the
bound state energy and it is improved by using the expansion in powers of the
running coupling constant. The coupling constant for small widths is order 1.
The small width effective hamiltonian is projected on a small subset of the
effective basis states. The resulting small matrix is diagonalized and the
exact bound state energy is obtained with accuracy of the order of 10% using
the first three terms in the expansion. We briefly describe options for
improving the accuracy.Comment: plain latex file, 15 pages, 6 latex figures 1 page each, 1 tabl