I would like to better understand the main principles of large-$N$ expansion in quantum field theory. To this end, I decided to consider a simple toy model with lagrangian (from Wikipedia)
$ \mathcal{L} = \frac{1}{2}(\partial_{\mu} \phi_a)^2-\frac{m^2}{2}\phi_a^2 - \frac{\lambda}{8N}(\phi_a \, \phi_a)^2 $
I aimed to renormalize this theory in all orders of perturbation theory in the leading order of $\frac{1}{N}$. The calculation of counterterms in two loops in the leading order of $\frac{1}{N}$ almost coincides with the corresponding calculation in $\phi^4$ theory. In leading order of $1/N$ the counterterms are (using MS-scheme):
1 Loop:
$\Delta \mathcal{L}_{\phi^4}^{1} = -\lambda^2 \mu^{2\epsilon} \frac{1}{32 \pi^2 \epsilon} \frac{(\phi_a \, \phi_a)^2}{8N}$
$\Delta \mathcal{L}_{\phi^2}^{1} = - \frac{\lambda}{32 \pi^2 \epsilon} \frac{m^2 \phi_a^2}{2}$
2 Loops:
$\Delta \mathcal{L}_{\phi^4}^{1} = -\lambda^3 \mu^{2\epsilon} (\frac{1}{32 \pi^2 \epsilon})^2 \frac{(\phi_a \, \phi_a)^2}{8N}$
$\Delta \mathcal{L}_{\phi^2}^{1} = - (\frac{\lambda}{32 \pi^2 \epsilon})^2 \frac{m^2 \phi_a^2}{2}$
I am quite sure (though I haven't proven it properly yet) that in $n$ loops the leading contribution to counterterms comes from a chain of "fish" diagrams for 4-point Green's function and chain of bubbles for 2-point Green's function (I think, it's quite easy to imagine):
$\Delta \mathcal{L}_{\phi^4}^{1} = -\lambda^{n+1} \mu^{2\epsilon} (\frac{1}{32 \pi^2 \epsilon})^n \frac{(\phi_a \, \phi_a)^2}{8N}+O(\frac{1}{N})$
$\Delta \mathcal{L}_{\phi^2}^{1} = - (\frac{\lambda}{32 \pi^2 \epsilon})^n \frac{m^2 \phi_a^2}{2}+O(\frac{1}{N})$
If this speculation is correct, the summation of the perturbation series is quite trivial (we have geometric series). When we do it and then take limit $\epsilon \rightarrow 0$ we will find that
$\Delta \mathcal{L}^{\infty}_{\phi^2} = \frac{m^2 \phi_a^2}{2}$
$\Delta \mathcal{L}^{\infty}_{\phi^4} = \frac{(\phi_a \phi_a)^2}{8N}$
and hence the total lagrangian is simply (in the leading order of $1/N$).
$\mathcal{L} = \frac{1}{2}(\partial_{\mu} \phi_a)^2$
This result seems to me highly suspicious... Did anybody do a similar calculation? I looked all over the Internet and didn't find anything :( I will be very grateful for remarks and links to books or maybe articles where a similar problem is considered.



