I got the same error when I installed AndroidStudio 1.5 on my windows 10 laptop after I uninstalled an older version of Android Studio. To fix it, I followed the instructions at the Android developer website: http://tools.android.com/tech-docs/configuration.
First, do not modify the idea.properties file located in the bin folder where Android Studio is installed. Older stack overflow posts will tell you to modify that idea.properites file, but you aren't supposed to do so for AndroidStudio 1.5. By following the instructions, I created an idea.properties file at %USERPROFILE%\.{FOLDER_NAME}\idea.properties. If you have installed AndroidStudio 1.5, then .{FOLDER_NAME} should be .{AndroidStudio1.5}. The content of my idea.properties file is the following:
#---------------------------------------------------------------------
# IDEA can copy library .jar files to prevent their locking.
# By default this behavior is enabled on Windows and disabled on other platforms.
# Uncomment this property to override.
#---------------------------------------------------------------------
# idea.jars.nocopy=false
#---------------------------------------------------------------------
# The VM option value to be used to start a JVM in debug mode.
# Some JREs define it in a different way (-XXdebug in Oracle VM)
#---------------------------------------------------------------------
idea.xdebug.key=-Xdebug
#-----------------------------------------------------------------------
# Change to 'enabled' if you want to receive instant visual notifications
# about fatal errors that happen to an IDE or plugins installed.
#-----------------------------------------------------------------------
idea.fatal.error.notification=disabled
#---------------------------------------------------------------------
# Uncomment this option if you want to customize path to IDE config folder. Make sure you're using forward slashes
#---------------------------------------------------------------------
idea.config.path=${user.home}/.AndroidStudio1.5/config
#---------------------------------------------------------------------
# Uncomment this option if you want to customize path to IDE system folder. Make sure you're using forward slashes
#---------------------------------------------------------------------
idea.system.path=${user.home}/.AndroidStudio1.5/system
#---------------------------------------------------------------------
# Uncomment this option if you want to customize path to user installed plugins folder. Make sure you're using forward slashes
#---------------------------------------------------------------------
idea.plugins.path=${user.home}/.AndroidStudio1.5/config/plugins
#---------------------------------------------------------------------
# Uncomment this option if you want to customize path to IDE logs folder. Make sure you're using forward slashes.
#---------------------------------------------------------------------
idea.log.path=${user.home}/.AndroidStudio1.5/system/log