Google support said I could download old Android Emulator versions as follows:
http://dl.google.com/android/repository/emulator-darwin-4266726.zip (for Mac)
http://dl.google.com/android/repository/emulator-windows-4266726.zip
http://dl.google.com/android/repository/emulator-linux-4266726.zip
Basically, just put the # (the one in major.minor.patch-#) along with darwin/windows/linux if you’d like to download any previous build.
To install on my Mac computer, I did as follows:
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Download http://dl.google.com/android/repository/emulator-darwin-4266726.zip via Chrome into ~/Downloads
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Backup the main emulator directory:
mv ~/Library/Android/sdk/emulator ~/Downloads/emulator-backup
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Replace the main emulator directory:
mv ~/Downloads/emulator ~/Library/Android/sdk/
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Restart Android Studio
After that, the Android Emulator version was downgraded to 26.1.4-4266726.