Moving to the Premiere Elements forum.
Welcome to the forum.
I have a question, or two:
Which program do you have, Adobe Photoshop Elements (Image editing software), Premiere Elements (Video editing software) or both (they are often sold in a bundle)?
If you do have both, which program's installer is throwing the error?
Are you, are you installing from download files, or from physical media?
Good luck, and please let us know a bit more.