I'd always thought that the size of the observable universe, its radius if you will, was equivalent to the age of the universe in years times the distance light travels in a year, i.e. about 14 billion light years. But I just read on Wikipedia that the radius is in fact closer to 46.5 billion lightyears!

Is this really the generally accepted definition of "observable universe"? How can a part of the universe which we can't possibly observe for another 32.5 billion years possibly be part of the observable universe?