Following the spirit of effective quantum eld theories, effective holographic theories (EHT) have been put forward in my paper that can be found in the arXiv site and in journal home page in the context of Lifshitz space and also in two papers in the context of Schroedinger space. These papers can be found in the arXiv sites, link of the first paper and the second paper and in journal home page, link to the first paper and the second paper.
EHT respect the low energy IR symmetries and capture relevant physical ingredients, while making the theories be self-consistent. Hyperscaling violation exponent is an essential parameter of EHT along with the dynamical exponent, a scaling ratio between time and space coordinates. It effectively changes the number of spatial dimensions, and thus brings about dramatic differences. It is also universally available in dimensional reductions of consistent string theory solutions. The hyperscaling violation exponent has many applications. For example, it provides a realization of a compressible quantum matter in 2+1 dimensions, where the density of the ground state can be dialed by an external tuning parameter. This has been important part of the progresses in holographic hidden Fermi surfaces and more.