I also have this problem, with AIR 3.9.0.1030 and OSX 10.8.4 (perhaps more, but this is what I've found so far).
Log says:
Application Installer begin with version 3.9.0.1030 on Mac OS 10.8.4 x86
Commandline is: "/Users/user/Library/Preferences/namespace/Local Store/app-0.8.2.air" 0.8.2
Installed runtime (3.9.0.1030) located at /Library/Frameworks/Adobe AIR.framework
Application Installer end with exit code 2