Maccheroni, Marinacci, and Rustichini (17), in an Anscombe-Aumann framework, axiomatically char- acterize preferences that are represented by the variational utility functional where u is a utility function on outcomes and c is an index of uncertainty aversion. In this paper, for a given variational preference, we study the class C of functions c that represent V. Inter alia, we show that this set is fully characterized by a minimal and a maximal element, c ? and d ? . The function c ? , also identi…ed by Maccheroni, Marinacci, and Rustichini (17), fully characterizes the decision maker's attitude toward uncertainty, while the novel function d ? characterizes the uncertainty perceived by the decision maker.