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This paper presents an information-theoretic study of video codecs that are based on the principle of source coding with side information at the decoder. In contrast to the classical Wyner-Ziv side-information source coding problem (1976), in this work we address the situation where the source and side-information are connected through a state of nature that is unknown to both the encoder and the decoder. We dub this framework as source encoding with side-information under ambiguous state of nature (SEASON). Our objective is to compare the achievable rate-distortion (R/D) performance of conventional video codecs designed under the motion-compensated predictive coding (MCPC) framework and video codecs designed under the SEASON framework. Our analysis shows that under appropriate motion models and for Gaussian displaced frame difference (DFD) statistics, the R/D performance of a classical MCPC-based video codec is matched by that of our proposed SEASON-based video codec, with the hitter being characterized by the novel concept of moving the motion compensation task from the encoder to the decoder.