Given the unnamed
involution $\,r(x) := 1-x,\,$ then the function (binary operation)
$$ f(a, b) := a + (1 - a)b = a+b-ab $$
is the conjugation of the multiplication operation by the involution $\,r.\,$ That is,
$$ r(f(a,b)) = 1-a-b+ab = (1-a)(1-b) = r(a)r(b). $$
This operation is often used to give an example of a
commutative associative operation that is not either addition
or multiplication. For example
MSE question 526300,
MSE question 721323.
Similarly the related operation $\,a+b+ab\,$ in
MSE question 1509381
where it is denoted by $\,a\odot b\,$ but not otherwise named
is much more common.
EDIT (23 Jul 2023): George Boole originally invented his
eponymous algebra
in the 19th century using variables taking on only values of $0$
or $1$. In his context, they represents logical False and True,
respectively, the operation $\,r\,$ represents logical negation,
while multiplication represents logical conjunction. The remaining
operator $\,f\,$ represents logical disjunction. You can think of
$\,f\,$ defined on the interval $\,[0,1]\,$ as generalizing this in
the context of fuzzy logic.
The answer to your question
Is there a name for this simple operation/function?
is that it is the logical disjunction operation in fuzzy logic.
mix
orlerp
sometimes. It returns $x$ if $t=0$, $y$ if $t=1$, and some convex combination of $x$ and $y$ if $t\in (0,1)$. You have a special case of $f(b,1,a)$. – lisyarus Jan 15 '18 at 14:09