And what makes you qualified to determine that it is not a good explanation? Your personal experience may be different than those that have alien abduction stories. Maybe you should read Susan Clancy's book on the subject. There is a reference to it here:

http://www.csicop.org/si/2006-02/abducted.html

I have read Clancy's book, have you?

If you do not like Skeptic books, read Kevin Randle's book (which abduction proponents also dislike).

http://www.amazon.com/Abduction-Enig.../dp/0312867085

I think a lot of respected and learned people feel that sleep paralysis is a pretty good explanation for some/many abduction reports. I believe Clancy is part of the psychology department at Harvard. That sounds pretty respectable and qualified to me.

Of course, some of these people could be just plain lying. It is my opinion that Walton (failed polygraph test) and Ed Walters (Gulf Breeze saga) are two examples that probably fit in this category.