Heh tried all these answers and none of them worked. I think a common cause of this issue is something a lot simpler.
I advise all who get this problem to look at their launch configuration(在运行project 的地方);
Look! The launch configuration contains options for which APK to deploy. If you choose default, Android Studio will be dumb to any product flavors, build types etc. you have in your gradle file. In my case, I have multiple build types and product flavors, and received "no local path" when trying to launch a non-default product flavor.
Android Studio was not wrong! It couldn't find the default APK, because I was not building for it. I solve my issue by instead choosing "Do not deploy anything" and then executing the gradle install task I needed for my specific combination of product flavor / build type.
come : http://stackoverflow.com/questions/18256177/android-studio-local-path-doesnt-exist