Substantial research effort has been invested in recent decades into the computational study and automatic processing of multi-party conversation. While most aspects of conversational speech have benefited from a wide availability of analytic, computationally tractable techniques, only qualitative assessments are available for characterizing multi-party turn-taking. The current paper attempts to address this deficiency by first proposing a framework for computing turn-taking model perplexity, and then by evaluating several multi-participant modeling approaches. .