From the commutation relations for the conformal Lie algebra, we may infer that the dilation operator plays the same role as the Hamiltonian in CFTs. The appropriate commutation relations are
$[D,P_{\mu}] = iP_{\mu}$ and $[D,K_{\mu}] = -iK_{\mu}$,
so that $P_{\mu}$ and $K_{\mu}$ are raising and lowering operators, respectively, for the operator $D$.
This is analogous to the operators $\hat a$ and $\hat a^{\dagger}$ being creation and annihilation operators for $\hat H$ when discussing the energy spectra of the $n$ dimensional harmonic oscillator.
My question is, while $\hat a$ and $\hat a^{\dagger}$ raise and lower the energy by one unit $( \pm \hbar \omega)$ for each application of the operator onto eigenstates of $\hat H$, what is being raised and lowered when we apply $P_{\mu}$ and $K_{\mu}$ onto the eigenvectors of $D$?
Secondly, what exactly do we mean by the eigenvectors of $D$? Are they fields in space-time?
Using the notation of Di Francesco in his book 'Conformal Field Theory', the fields transform under a dilation like $F(\Phi(x)) = \lambda^{-\Delta}\Phi(x)$, where $\lambda$ is the scale of the coordinates and $\Delta$ is the scaling dimension of the fields.
Can I write $F(\Phi(x)) = D\Phi(x) = \lambda^{-\Delta}\Phi(x)$ to make the eigenvalue equation manifest?
Thanks for clarity.