What can we learn from Plausible Values?

In this paper, we show that the marginal distribution of plausible values is a consistent estimator of the true latent variable distribution, and, furthermore, that convergence is monotone in an embedding in which the number of items tends to infinity. We use this result to clarify some of the misconceptions that exist about plausible values, and also show how they can be used in the analyses of educational surveys.