There are several sellers holding some indivisible goods, and several potential buyers with different valuations for these goods. I need to calculate the Walrasian equilibrium in this scenario, but first I need to understand what exactly is a Walrasian equilibrium. So I am looking for a short, formal, operational definition of this term.
Wikipedia just links to a page about General equilibrium theory, which is very long and verbal, but I couldn't find there a formal definition of a Walrasian equilibrium.
This page also hints that a Walrasian equilibrium is similar to Competitive equilibrium, but I didn't understand whether they are identical or different, and if they are different - what is the relation between them?
There is also a page about a Walrasian auction, but again, I am not sure what is the relation between this and a Walrasian equilibrium?
The definition in the about.com dictionary looks promising: "An allocation vector pair (x,p), where x are the quantities held of each good by each agent, and p is a vector of prices for each good, is a Walrasian equilibrium if (a) it is feasible, and (b) each agent is choosing optimally, given that agent's budget. In a Walrasian equilibrium, if an agent prefers another combination of goods, the agent can't afford it." But, they do not define what they mean by "feasible".
I would very much appreciate an orderly explanation of the relation between all these different terms.