We formulate an action principle for the operator product expansion (OPE) describing how a given OPE coefficient changes under a deformation induced by a marginal or relevant operator. Our action principle involves no ad-hoc regulator or renormalization and applies to general (Euclidean) quantum field theories. It implies a natural definition of the renormalization group flow for the OPE coefficients and of coupling constants. When applied to the case of conformal theories, the action principle gives a system of coupled dynamical equations for the conformal data. The last result has also recently been derived (without considering tensor structures) independently by Behan (arXiv:1709.03967) using a different argument. Our results were previously announced and outlined at the meetings In memoriam Rudolf Haag in September 2016 and the Wolfhart Zimmermann memorial symposium in May 2017.
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