The generation of shock waves and bubbles has been experimentally observed due to absorption of sub-nanosecond laser pulses by melanosomes, which are found in retinal pigment epithelium cells. Both the shock waves and bubbles may be the cause of retinal damage at threshold fluence levels. The theoretical modeling of shock wave parameters such as amplitude, and bubble size, is a complicated problem due to the non-linearity of the phenomena. We have used two different approaches for treating pressure variations in water: the Tait Equation and a full Equation Of State (EOS). The Tait Equation has the advantage of being developed specifically to model pressure variations in water and is therefore simpler, quicker computationally, and allows the liquid to sustain negative pressures. Its disadvantage is that it does not allow for a change of phase, which prevents modeling of bubbles and leads to non-physical behavior such as the sustaining of ridiculously large negative pressures. The full EOS treatment includes more of the true thermodynamic behavior, such as phase changes that produce bubbles and avoids the generation of large negative pressures. Its disadvantage is that the usual stable equilibrium EOS allows for no negative pressures at all, since tensile stress is unstable with respect to a transition to the vapor phase. In addition, the EOS treatment requires longer computational times. In this paper, we compare shock wave generation for various laser pulses using the two different mathematical approaches and determine the laser pulse regime for which the simpler Tait Equation can be used with confidence. We also present results of our full EOS treatment in which both shock waves and bubbles are simultaneously modeled.