I am not sure about your exact scenario, but typically you would do something like this where you subscribe to an observable representing the value of the dropdown:
<select data-bind="options: choices, value: selectedChoice"></select>
var viewModel = {
choices: ["one", "two", "three"],
selectedChoice: ko.observable("two")
};
viewModel.selectedChoice.subscribe(function(newValue) {
alert("the new value is " + newValue);
});
If you really need the event, then you could do something like:
<select data-bind="event: { change: selectionChanged }">
<option>A</option>
<option>B</option>
<option>C</option>
</select>
var viewModel = {
selectionChanged: function(event) {
alert("the other selection changed");
}
};