The premises of Pascal's wager are normally presented as abstract facts about the universe - there happens to (maybe) be a god, who happens to have set up the afterlife for the suffering of unbelievers.
But, assuming we ever manage to distinguish trade from extortion, this seems a situation of classical extortion. So if god follows a timeless decision theory - and what other kind of decision theory would it follow? - the correct answer would seem to be to reject the whole deal out of hand, even if you assume god exists.
Or, in other words, respond to a god that offers you heaven, but ignore one that threatens you with hell.
This is the first time I've heard of this dilemma (so this post is really just thinking aloud). It seems to me that trade usually doesn't require agents to engage in deep modeling of each other's behaviour. If I go down to the market place and offer the man at the stall £5 for a pair of shoes, and he declines and I walk away - the furthest thing from my mind is trying to step through my model of human behaviour to figure out how to persuade him to accept. I had a simple model - to wit that the £5 was sufficient incentive to effect the trade - and when that model turned out false I just abandoned negotiations without trying to calculate the incentive effects of doing so.
This isn't to say that everything involving deep modeling of human behaviour is necessarily an instance of extortion, though the converse would seem to hold ( every act of extortion involves some higher-order modeling between extorter and victim ). However, extortion usually involves the extorter trying to increase the cost of select outcomes above what they would be had the extorter not explicitly acted to increase them, which is why deep modeling of the victim is required. Unless my costly, deep model of my trading partner is paying rent to me ( with respect to a given episode of negotiation ) only in some way that does not involve allowing me to increase the cost of a certain set of outcomes to him in some negotiation, I am probably engaging in extortion.
If I walk way from a market stall with the intent of provoking the seller into lowering his price - I'm not increasing the cost of any outcome to him. The cost of me walking away is a constant. So in this case my model of his behaviour is not aimed at increasing the cost of any outcome to him - I'm effectively simply placing a bet. If I threaten to break his legs if he refuses the sale, that's placing a bet on a rigged game.
What of companies that spend millions analysing markets before setting their prices? That seems to involve deep modelling, yet is canonically seen as trade.