Degenerate as well as nondegenerate three-level two-photon laser (TPL) models are derived. In the limit of equal cavity losses for both fields, it is shown that the nondegenerate model reduces to the degenerate one. We also demonstrate the isomorphism existing between our degenerate TPL model and that of a dressed-state TPL.All these models contain ac-Stark and population-induced shifts at difference from effective Hamiltonian models. The influence of the parameters that control these shifts on the nonlinear dynamics of a TPL is investigated. In particular, the stability of the periodic orbits that arise at the Hopf bifurcation of the system and the extension of the self-pulsing domains of the system are studied, revealing the role played by the detuning and ac-Stark parameters.PACS number(s): 42.50.Ne, 42.60.Mi, 47.20.Ky