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Abstract: For use in a cost–benefit analysis to establish optimum levels of radiation protection in Korea under the ALARA principle, we introduce a discrete step function model to evaluate man-sievert monetary value in the real economic value. The model formula, which is unique and country-specific, is composed of real GDP, the nominal risk coefficient for cancer and hereditary effects, the aversion factor against radiation exposure, and average life expectancy. Unlike previous researches on alpha-value assessment, we show different alpha values in the real term, differentiated with respect to the range of individual doses, which would be more realistic and informative for application to the radiation protection practices. GDP deflators of economy can reflect the society''s situations. Finally, we suggest that the Korean model can be generalized simply to other countries without normalizing any country-specific factors. [Copyright &y& Elsevier]