Those who voted for that eliminated candidate have their votes distributed to their second choice. The process of eliminating lowest placed candidates and redistributing those votes to the next choice continues until one candidate has a majority of the votes cast. This system ensures that a majority of voters have had some say in the election of the successful candidate without the need and high cost of a runoff election. The winning candidate is the most preferred. A majority is established without expensive runoffs.
Voters have more power by being able to prioritize their vote.
Expenses for running the election are much less than a runoff election. Expense is slightly greater than present, but much cheaper than runoffs. Voter education is required to make the new system work. Preferential ballot becomes even more important when there are more than three candidates, as we expect the future trend to be in Alaska. There are 100000 votes.