Del Mar College’s Stone Writing Center indicates that the theme of "Federigo's Falcon" is that people make great sacrifices for love, sometimes with unanticipated consequences. The tale illustrates a rather basic wish fulfillment plot pattern.
At the beginning of wish fulfillment narratives, the main character has a strong desire that seems impossible to realize. Eventually, he accepts the fact that the goal is unattainable, though the he may still be unhappy about it. Later, however, as a natural result of being the kind of person the he is or due to something the protagonist does that was not done in an effort to obtain the coveted outcome, the individual obtains what was longed for anyway or an equally acceptable or superior substitute.