For a field $F$, define the binary operation $\parallel :(F\mathbb{P}^1 \times F\mathbb{P}^1 \setminus\{(0,0)\}) \to F\mathbb{P}^1$ by
$$a \parallel b = \frac{1}{\frac{1}{a} + \frac{1}{b}}.$$
This operation is conjugate to ordinary addition by means of the Möbius transformation $x \to 1/x$. As such, it is associative, commutative and has an identity $1/0=\infty$. It is also distributive with respect to multiplication, so $F\mathbb{P}^1\setminus{0}$ becomes a field equipped with this operation and the usual product.
It is related to the harmonic mean, and is used to find the equivalent resistance in a circuit of parallel resistors (which is where I got the notation from).
My question is, has this operation been given a name somewhere?