I am trying to study tensor networks and their application to quantum phase transitions. However, I had a question concerning the connection between the projected entangled-pair states (PEPS) and the multi-scale entanglement renormalization ansatz (MERA). In particular, I am looking at the following article by G. Vidal, which introduced the concept of MERA:
How is MERA different from PEPS, other than the fact that the former consists of tensors in a D+1 dimensional system, while the latter is for 2D systems? In particular, why would one use MERA as opposed to PEPS, and could MERA be used to describe long-range interactions?