My friend Tel is near the end-game of his PhD (his supervisor is Mark Gould) – he is going to write it up soon – good luck Tel! And he’s published a paper with Mark (well, on the Archive):
Some Twisted Results: http://lanl.arxiv.org/abs/math.QA/0504184
The Australian Mathematical Society Gazette recently published the 3rd paper on election timing by D. Lesmono and Elliot Tonkes (up at Qld Uni), entitled A continuous time model for election timing http://www.austms.org.au/Publ/Gazette/2005/Nov05/ .
This paper appears to be an application of financial mathematical techniques and statistics to a toy model of Prime Ministers/Premiers calling an election in a political system such as the Australian House of Representatives.