This paper studies the asymptotic behavior of several continuous-time dynamical systems which are analogs of ant colony optimization algorithms that solve shortest path problems. Local asymptotic stability of the equilibrium corresponding to the shortest path is shown under mild assumptions. A complete study is given for a recently proposed model called EigenAnt: global asymptotic stability is shown, and the speed of convergence is calculated explicitly and shown to be proportional to the difference between the reciprocals of the second shortest and the shortest paths.