version                                             
-------------------------------------------------------------------------------------------------
 PostgreSQL 9.5.3 on x86_64-pc-linux-gnu, compiled by gcc (Ubuntu 4.8.2-19ubuntu1) 4.8.2, 64-bit
(1 row)

psql:spbug.psql:3: NOTICE:  schema "otherschema" already exists, skipping
CREATE SCHEMA
psql:spbug.psql:4: NOTICE:  schema "thirdschema" already exists, skipping
CREATE SCHEMA
DROP FUNCTION
 set_config  
-------------
 otherschema
(1 row)

CREATE FUNCTION
 set_config  
-------------
 thirdschema
(1 row)

psql:spbug.psql:27: NOTICE:  SP : otherschema
psql:spbug.psql:27: NOTICE:  ESP: otherschema
 execute_show_searchpath 
-------------------------
 
(1 row)

CREATE OR REPLACE FUNCTION otherschema.execute_show_searchpath()
 RETURNS void
 LANGUAGE plpgsql
 SET search_path TO otherschema
AS $function$
DECLARE spvalue text; espvalue text;
BEGIN

SELECT current_setting('search_path') INTO spvalue;
EXECUTE($ex$SELECT current_setting('search_path')$ex$) INTO espvalue;
RAISE NOTICE 'SP : %', spvalue;
RAISE NOTICE 'ESP: %', espvalue;
RETURN;
END;
$function$