An online system applies content policies regulating presentation of sponsored content to its users. For example, content policies may prevent the presentation of sponsored content items in certain positions content feeds. The online system may relax a content policy when generating a content feed for a user based on characteristics of a user. For example, the online system generates a model determining a tolerance of the user for sponsored content, and relaxes one or more content policies if the tolerance of the user for sponsored content equals or exceeds a threshold. As another example, the online system determines whether to relax one or more content policies based on a comparison of a historical amount of compensation received from the user and an expected amount of compensation from presenting content items violating a content policy.