In what situation should I use a Private Set on a property versus making it a ReadOnly property?  Take into consideration the two very simplistic examples below.

First example:

Public Class Person

    Private _name As String

    Public Property Name As String
        Get
            Return _name
        End Get
        Private Set(ByVal value As String)
            _name = value
        End Set
    End Property

    Public Sub WorkOnName()

        Dim txtInfo As TextInfo = _
            Threading.Thread.CurrentThread.CurrentCulture.TextInfo

        Me.Name = txtInfo.ToTitleCase(Me.Name)

    End Sub

End Class

// ----------

public class Person
{
    private string _name;
    public string Name
    {
        get { return _name; }
        private set { _name = value; }
    }

    public void WorkOnName()
    {
        TextInfo txtInfo = System.Threading.Thread.CurrentThread.CurrentCulture.TextInfo;
        this.Name = txtInfo.ToTitleCase(this.Name);
    }
}


Second example:

Public Class AnotherPerson

    Private _name As String

    Public ReadOnly Property Name As String
        Get
            Return _name
        End Get
    End Property

    Public Sub WorkOnName()

        Dim txtInfo As TextInfo = _
            Threading.Thread.CurrentThread.CurrentCulture.TextInfo

        _name = txtInfo.ToTitleCase(_name)

    End Sub

End Class

// ---------------

public class AnotherPerson
{
    private string _name;
    public string Name
    {
        get { return _name; }
    }

    public void WorkOnName()
    {
        TextInfo txtInfo = System.Threading.Thread.CurrentThread.CurrentCulture.TextInfo;
        _name = txtInfo.ToTitleCase(_name);
    }
}


They both yield the same results.  Is this a situation where there's no right and wrong, and it's just a matter of preference?

There are a couple reasons to use private set.

1) If you are not using a backing field at all and want a read-only automatic property:

public string Name { get; private set; }   

public void WorkOnName()
{
    TextInfo txtInfo = Thread.CurrentThread.CurrentCulture.TextInfo;
    Name = txtInfo.ToTitleCase(Name);
}  


2) If you want to do extra work when you modify the variable inside your class and want to capture that in a single location:

private string _name = string.Empty;
public string Name 
{ 
    get { return _name; }
    private set 
    {
        TextInfo txtInfo = Thread.CurrentThread.CurrentCulture.TextInfo;
        _name = txtInfo.ToTitleCase(value);
    }
}


In general, though, it's a matter of personal preference. Far as I know, there are no performance reasons to use one over the other.
