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In this paper, we propose a circuit model for vertical-cavity surface-emitting laser (VCSEL). The model is based on carrier, photon, and thermal rate equations, with addition of carrier leakage current as the main source for output power rollover phenomenon. Also, presumed distribution of carriers and photons are used in rate equations, and the spatially dependent equations are converted to spatially independent rate equations. The effect of carrier diffusion, input current, and temperature in transient turn-off behavior of laser for pulsed operation are analyzed. We also study the thermo-temporal behavior of laser in pulsed operation and determine the effects of input pulse on output power.