Few-states models are derived for the calculation of three-photon absorption matrix elements. Together with earlier derived few-states models for two-photon absorption, the models are evaluated against results from response theory calculations that provide the full sum-over-states values. It is demonstrated that not even for systems with charge-transfer character, where few-states models for two-photon absorption are in excellent agreement with response theory, do the models provide a quantitatively correct description for three-photon absorption. The convergence behavior, merits, and shortcomings of the models are elucidated in some detail. The role of various characteristics of the electronic structure, such as symmetry, charge transfer, and conjugation-important for the formation of a large three-photon cross section-is analyzed. As for two-photon absorption cross sections, it is essential to consider generalized few-states models also for three-photon absorption, that is, to account for dipolar directions and laser beam polarization. Despite their poor quantitative performance, it is argued that few-states models at times can be useful for interpretation purposes when applied to three-photon absorption. (C) 2004 American Institute of Physics.