Before revision:  We find that , in the long-run, observing discrete actions of others is significantly less informative than observing their private information : only a fraction of the private information is transmitted . We study how this fraction depends on the distribution of private signals. In a largesociety, where everyone's actions are public, this fraction tends to zero, i. e., only a vanishingly small share of the information is aggregated .
After revision:  We find that in the long run, information aggregation fails, and the fraction of private information transmitted goes to zero as the number of agents gets large .