As others have pointed out, Text is not a valid DOM property. You may be thinking of the text method that jQuery provides to set the innerHTML of an element as plain text.
However, you also end your string in with the bold tag, which leads me to believe that you plan on building out an HTML string with more content. If this is the case, you should use the following approach and build out the entire HTML string, and then update the DOM element.
var OnSelect = function() {
var html = "You selected <b>";
if ( someCondition ) {
html += "some value";
}
html += "</b>";
$("<%= lblSelection.ClientID %>").html(html);
};
On the other hand, if you mean to literally display You have selected <b>, and <b> is not supposed to be an HTML tag, then you'll need to do the following:
var OnSelect = function() {
$("<%= lblSelection.ClientID %>").text("You selected <b>");
};
Notice the use of text rather than html.