Updated to work with your example: http://jsfiddle.net/rgin/A8Nxp/353/
var map = [ '£11.99', '£13.99', '£14.99' ];
$('#choice').change(function(){
var o = parseInt($(this).val()) < 3 ? $(this).val()-1 : 2;
$('#other').val(map[o]).addClass('hidden');
});
$('#choice').change(function(){
var selected_item = $(":selected", this).text()
selected_item = parseInt(selected_item) < 3 ? selected_item : '4 and above';
$('#other').val(selected_item).addClass('hidden');
});