This paper offers a model of three-party elections which allows voters to combine retrospective economic evaluations with considerations of the positions of the parties in the issue-space as well as the issue-preferences of the voters. We describe a model of British elections which allows voters to consider simultaneously all three parties, rather than limiting voters to choices among pairs of parties as is usually done. Using this model we show that both policy issues and the state of the national economy matter in British elections. We also show how voters framed their decisions. Voters first made a retrospective evaluation of the Conservative party based on economic performance; and those voters that rejected the Conservative party chose between Labour and Alliance based on issue positions. Through simulations of the effects of issues—we move the parties in the issue space and re-estimate vote-shares—and the economy—we hypothesize an alternative distribution of views of t h e economy for voters—we show that Labour has virtually no chance to win with the Alliance as a viable alternative. Even if the Alliance (or the Liberal Democrats) disappears. Labour will need to significantly moderate its policy positions to have a chance of competing with the Conservative party. We argue that the methodological technique we employ multinomial probit, is a superior mechanism for studying three-party elections as it allows for a richer formulation of politics than do competing methods.
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