Even an agnotheist can care about this question. It is simple:
The first prediction of the model is that God will not offer a salvation contract where everyone is saved. If God sets Î¸=0 then all individuals receive s, but there would be no rearrangement of bundles and hence no utility benefits for God to balance the lump sum cost C. This cannot be an equilibrium. On the other hand setting Î¸=infinity would mean no individuals choose s, and no rearrangements, and this cannot be an equilibrium. Thus Î¸ will be set between these extremes, with the value depending on the forms of the divine and human utility functions and endowments. Some, but not all individuals are predicted to choose salvation, and this is consistent with both the scriptures and observation.
Doesn’t this result fall apart if God can…um…perfectly "price discriminate" in his commands? From Paul Oslington, here is more, namely a rational choice theory of God. How about this bit:
Paradoxically, the more effective is the salvation mechanism the more it will turn the unsaved away from what God prefers. Individuals choosing salvation will force up the prices of inputs into commodities God prefers be consumed, so that unsaved individuals will substitute away from commodities God values to those God frowns upon.
Who said pecuniary externalities do not matter?
And here is John Derbyshire on God and religion, he is no longer a Christian.