  In this paper I show how reliable estimates of the Value of a Statistical
Life (VSL) can be obtained using cross sectional data using Garen's
instrumental variable (IV) approach. The increase in the range confidence
intervals due to the IV setup can be reduced by a factor of 3 by using a proxy
to risk attitude. In order state the "precision" of the cross sectional VSL
estimates I estimate the VSL using Chilean panel data and use them as benchmark
for different cross sectional specifications. The use of the proxy eliminates
need for using hard-to-find instruments for the job risk level and narrows the
confidence intervals for the workers in the Chilean labor market for the year
2009.
