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We present and analyze a simple model based on six rate equations for an electrically pumped organic diode laser. The model applies to organic host-guest systems and includes Stoke-shifted reabsorption in a self-consistent manner. With the validated model for the Alq3:DCM host-guest system, we predict the threshold for short-pulse laser operation. We predict laser operation characterized by damped relaxation oscillations in the GHz regime and several orders of magnitude linewidth narrowing. Prospect for CW steady-state laser operation is discussed.