Great technical question!
The only real solution to space radiation is mass shielding. There may be a possibility in time to develop a magnetosphere like the earth, but that would require obscene amounts of energy.
There are 2 sources of radiation: from the sun, and the cosmic background. You might think the solar radiation could be blocked by a single shield between the station and the sun, but actually it will come at you from all directions except behind as the particles move in spirals.
But don't worry too much about all that yet! In Low Earth, Equatorial orbit the radiation dose is minimal enough that shielding is unnecessary. Al Globus' design for a habitat in LEO [1, figure 1 on p6] shows this with data from the ISS. The mass of a habitat in ELEO is limited by the structural requirements, not the need for shielding. If there are plans to move out to L5 or beyond, shielding can be added in situ. You'd need 7 tons per m2 of water or polyethylene (the basic packaging plastic) or 10 tons of moon dirt [1. Table 5 on p16].
That design makes a lot of sense to me and seems to be feasible, its definitely worth a read! I'm very keen to work on it as a home in the sky for Asgardians!