1We present the results of a comparative study of the intra-night optical variability (INOV) characteristics of radio-loud and radio-quiet quasars, which involves a systematic intra-night optical monitoring of seven sets of high luminosity AGNs covering the redshift range z 0.2 to z 2.2. The sample, matched in the optical luminosity -redshift (M B -z) plane, consists of seven radio-quiet quasars (RQQs), eight radio lobe-dominated quasars (LDQs), six radio core-dominated quasars (CDQs) and five BL Lac objects (BLs). Systematic CCD observations, aided by a careful data analysis procedure, have allowed us to detect INOV with amplitudes as low as 1%. Present observations cover a total of 113 nights (720 hours) with only a single quasar monitored as continuously as possible on a night. Considering cases of only unambiguous detections of INOV we have estimated duty cycles (DCs) of 17%, 12%, 20% and 72% respectively for RQQs, LDQs, CDQs, and BLs. The low amplitude and low DC of INOV shown by RQQs compared to BLs can be understood in terms of their having optical synchrotron jets which are modestly misdirected from us. From our fairly extensive dataset, no unambiguous general trend of a correlation between the INOV amplitude and the apparent optical brightness of the quasar is noticed. This suggests that the physical mechanisms of INOV and long term optical variability (LTOV) do not have a one-to-one relationship and different factors are involved. Also, the absence of a clear negative correlation between the INOV and LTOV characteristics of blazars of our sample points towards an inconspicuous contribution of accretion disk flucutations to the observed INOV. The INOV duty cycle of the AGNs observed in this program suggests that INOV is associated predominantly with highly polarised optical components. We also report new VLA imaging of two RQQs (1029+329 & 1252+020) in our sample which has yielded a 5 GHz detection of one of them (1252+020; S = 1 mJy).