This paper provides a new look at the well-known trade-off between efficiency and equality with an agent-based model. By way of a computer program, our study simulates the interactions of agents producing and trading goods within different market structures and looks at the resulting production...

Is a competitive free market the most efficient way to maximize welfare and to equally allocate rare resources among economic agents? Economists usually tend to think this is the case. This paper presents a preliminary attempt through an object-oriented multi-agent model to address this...