1

if I use

explain (analyze true, verbose true, costs true, buffers true)
select * from mystoredprocedurefunction(arg1, arg2);

I do not get any information about what the server is actually doing inside my sp. Instead I get 5 rows describing that I invoked a function and that it took a long time. How do I look into my stored procedure and see what is going on? I have something very inefficient occurring.

2

Look into the module auto-explain.

We had a very similar question some time ago, it should be of help:
Postgres query plan of a UDF invocation written in pgpsql

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