 As for the second strand (based on circumscribing \((\lambda\)-conv)), it has been proposed to read the axioms of a standard set theory such as ZFC, minus extensionality, as if they were about properties rather than sets (Schock 1969; Bealer 1982; Jubien 1989). The problem with this is that these axioms, understood as talking about sets, can be motivated by the iterative conception of sets, but they seem rather ad hoc when understood as talking about properties (Cocchiarella 1985). An alternative can be found in Cocchiarella 1986a, where \((\lambda\)-conv) is circumscribed by adapting to properties the notion of stratification used by Quine for sets. This approach is however subject to a version of Russell’s paradox derivable from contingent but intuitively possible facts (Orilia 1996) and to a paradox of hyperintensionality (Bozon 2004) (see Landini 2009 and Cocchiarella 2009 for a discussion of both). Orilia (2000; Orilia &amp; Landini 2019) has proposed another strategy for circumscribing \((\lambda\)-conv), based on applying to exemplification Gupta’s and Belnap’s theory of circular definitions.