  The incentive ratio measures the utility gains from strategic behaviour.
Without any restrictions on the setup, ratios for linear, Leontief and
Cobb-Douglas exchange markets are unbounded, showing that manipulating the
equilibrium is a worthwhile endeavour, even if it is computationally
challenging. Such unbounded improvements can be achieved even if agents only
misreport their utility functions. This provides a sharp contrast with previous
results from Fisher markets. When the Cobb-Douglas setup is more restrictive,
the maximum utility gain is bounded by the number of commodities. By means of
an example, we show that it is possible to exceed a known upper bound for
Fisher markets in exchange economies.
