Edit in JSFiddle

$(document).on("change",'select', function() {
    var sort = $(this).val();
		alert('order by '+sort)
});

<div class="selecter select-short-by" tabindex="0">
  <select data-style="btn-select" data-width="auto" tabindex="-1">
        <option value="Short by">Short by</option>
        <option value="precio__asc">Price: Low to High</option>
        <option value="precio__desc">Price: High to Low</option>
    </select>
</div>