¿Por qué el emulador de Android de Android Studio no se ejecuta en mi máquina?

Tengo Android Studio 3.2.1 presente instalado en mi sistema. Cada vez que intento configurar un dispositivo virtual, muestra un error IDE interno y no puedo identificar el problema. Así que amablemente cuéntame sobre el tema.

(Aquí hay una imagen del error que recibo).

Aquí está el error que muestra:

null
java.lang.NullPointerException
    at com.android.tools.idea.avdmanager.DeviceDefinitionList.setDefaultDevices(DeviceDefinitionList.java:291)
    at com.android.tools.idea.avdmanager.DeviceDefinitionList.<init>(DeviceDefinitionList.java:221)
    at com.android.tools.idea.avdmanager.ChooseDeviceDefinitionPanel.$$$setupUI$$$(ChooseDeviceDefinitionPanel.java)
    at com.android.tools.idea.avdmanager.ChooseDeviceDefinitionPanel.<init>(ChooseDeviceDefinitionPanel.java:39)
    at com.android.tools.idea.avdmanager.ChooseDeviceDefinitionStep.createUIComponents(ChooseDeviceDefinitionStep.java:90)
    at com.android.tools.idea.avdmanager.ChooseDeviceDefinitionStep.$$$setupUI$$$(ChooseDeviceDefinitionStep.java)
    at com.android.tools.idea.avdmanager.ChooseDeviceDefinitionStep.<init>(ChooseDeviceDefinitionStep.java:45)
    at com.android.tools.idea.avdmanager.AvdWizardUtils.createAvdWizard(AvdWizardUtils.java:481)
    at com.android.tools.idea.avdmanager.CreateAvdAction.actionPerformed(CreateAvdAction.java:41)
    at javax.swing.AbstractButton.fireActionPerformed(AbstractButton.java:2022)
    at javax.swing.AbstractButton$Handler.actionPerformed(AbstractButton.java:2348)
    at javax.swing.DefaultButtonModel.fireActionPerformed(DefaultButtonModel.java:402)
    at javax.swing.DefaultButtonModel.setPressed(DefaultButtonModel.java:259)
    at javax.swing.plaf.basic.BasicButtonListener.mouseReleased(BasicButtonListener.java:252)
    at java.awt.Component.processMouseEvent(Component.java:6548)
    at javax.swing.JComponent.processMouseEvent(JComponent.java:3325)
    at java.awt.Component.processEvent(Component.java:6313)
    at java.awt.Container.processEvent(Container.java:2237)
    at java.awt.Component.dispatchEventImpl(Component.java:4903)
    at java.awt.Container.dispatchEventImpl(Container.java:2295)
    at java.awt.Component.dispatchEvent(Component.java:4725)
    at java.awt.LightweightDispatcher.retargetMouseEvent(Container.java:4889)
    at java.awt.LightweightDispatcher.processMouseEvent(Container.java:4526)
    at java.awt.LightweightDispatcher.dispatchEvent(Container.java:4467)
    at java.awt.Container.dispatchEventImpl(Container.java:2281)
    at java.awt.Window.dispatchEventImpl(Window.java:2746)
    at java.awt.Component.dispatchEvent(Component.java:4725)
    at java.awt.EventQueue.dispatchEventImpl(EventQueue.java:764)
    at java.awt.EventQueue.access$500(EventQueue.java:98)
    at java.awt.EventQueue$3.run(EventQueue.java:715)
    at java.awt.EventQueue$3.run(EventQueue.java:709)
    at java.security.AccessController.doPrivileged(Native Method)
    at java.security.ProtectionDomain$JavaSecurityAccessImpl.doIntersectionPrivilege(ProtectionDomain.java:80)
    at java.security.ProtectionDomain$JavaSecurityAccessImpl.doIntersectionPrivilege(ProtectionDomain.java:90)
    at java.awt.EventQueue$4.run(EventQueue.java:737)
    at java.awt.EventQueue$4.run(EventQueue.java:735)
    at java.security.AccessController.doPrivileged(Native Method)
    at java.security.ProtectionDomain$JavaSecurityAccessImpl.doIntersectionPrivilege(ProtectionDomain.java:80)
    at java.awt.EventQueue.dispatchEvent(EventQueue.java:734)
    at com.intellij.ide.IdeEventQueue.defaultDispatchEvent(IdeEventQueue.java:822)
    at com.intellij.ide.IdeEventQueue._dispatchEvent(IdeEventQueue.java:759)
    at com.intellij.ide.IdeEventQueue.dispatchEvent(IdeEventQueue.java:423)
    at java.awt.EventDispatchThread.pumpOneEventForFilters(EventDispatchThread.java:201)
    at java.awt.EventDispatchThread.pumpEventsForFilter(EventDispatchThread.java:116)
    at java.awt.EventDispatchThread.pumpEventsForHierarchy(EventDispatchThread.java:105)
    at java.awt.EventDispatchThread.pumpEvents(EventDispatchThread.java:101)
    at java.awt.EventDispatchThread.pumpEvents(EventDispatchThread.java:93)
    at java.awt.EventDispatchThread.run(EventDispatchThread.java:82)